As per the Finance Bill of 2019-20, the changes in standard deduction and tax rebate limits are supported.
Note: Press Ctrl+Alt+I from the Gateway of Tally to import the latest statutory changes supported for payroll.
On this page
Standard deduction of Rs. 50,000 is supported.
To view the standard deduction slab
● Go to Gateway of Tally > Display > Payroll Statutory Info. > Income Tax Classifications > Standard Deduction .
To view the income tax computation report with standard deduction
1. Go to Gateway of Tally > Display > Statutory Reports > Payroll Reports > Income Tax > Computation .
2. Select the employee, and press Enter to view the Income Tax Computation report.
3. Select Standard Deduction and press Enter to view the Standard Deduction report for the employee.
For tax rebate, the revised slab value of Rs. 12,500 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 2019-20 appear as shown below:
The tax rebate will be calculated on the revised slab values in the Income Tax Computation report.
'Changes as per Finance Bill for 2019-20 (Payroll)' has been shared with