https://help.tallysolutions.com/docs/te9rel64/Payroll/Budget_Changes_2016_17.htm

Budgetary Changes 2016-17 (Payroll)

As per Union Budget for the financial year 2016-17, the changes to tax rate on surcharge, tax rebate, and exemption limit are supported.

Note: Import statutory files by pressing Ctrl+Alt+I from Gateway of Tally to view the income tax slabs and classifications.

Surcharge

For surcharge, the revised slab rate of 15% on tax slab of Rs. 1,00,00,000 is supported.

To view the revised tax rate

Go to Gateway of Tally > Display > Payroll Statutory Info. > Income Tax Slabs > Surcharge .

In the Income Tax Slab screen, the tax slab and slab rate applicable for male, female, senior citizen, and very senior citizen for financial year 2016-17 appear as shown below:

Tax Rebate U/s 87A

For tax rebate, the revised slab value of Rs. 5,000 on tax slab of amount upto Rs. 5,00,000 is supported.

To view the revised tax rate

Go to Gateway of Tally > Display > Payroll Statutory Info. > Income Tax Slabs > Tax Rebate U/s 87A .

In the Income Tax Slab screen, the tax slab and slab value applicable for male, female, senior citizen, and very senior citizens for financial year 2016-17 appear as shown below:

Exemption Limit – Interest on Housing Loan

The change in yearly exemption limit of interest on housing loan from Rs. 1,00,000 to Rs. 50,000 is supported.

To view the new exemption limit

Go to Gateway of Tally > Display > Payroll Statutory Info. > Income Tax Classifications > Interest on Housing Loan .

The Income Tax Classification screen for Interest on Housing Loan appears as shown below: