How to Create Income Tax deduction Pay Heads in Tally Prime?
Step: GOT > Create > Pay Heads > Enter
Ø After reaching by follow above step, fill all details to create Income Tax deduction Pay Heads like,
· Name–Enter the name of statutory deduction Pay Heads. like I Enter “Income Tax”
· Pay head type – In this section different type of Pay heads are listed. Select “Employees’ Statutory Deductions” from list to create Statutory Deduction Pay heads.
· Statutory pay type – In this section different type of Employee Statutory Deduction are listed. Select “Income Tax” from list to create Employee‘s Income tax deduction Pay heads.
· Under – Select “Duties & Taxes” because Income Tax deduction is Tax for Employer.
· Affect Net Salary – Set to this option “Yes” because Income Tax deduction Affect net Salary.
· Name to be displayed in payslip – Leave auto set name “Income Tax“ to print in Pay slip
· Calculation Type – Automatic set “As Per Income Tax Slab”.
· Calculation Period –Select “Months” for Calculation of Income Tax as Month-wise.
· Rounding Method – Auto set as “Upward Rounding”
· Limit – Auto set limit as “1”.
·
Fill all Above details in Pay heads screen to create Income Tax Deduction Pay heads like following screenshot:
Ø Press Enter or Ctrl+A to save this screen.
Professional Tax (PT) Statutory Deduction Pay Heads
