https://help.tallysolutions.com/docs/te9rel66/Payroll/changes_in_finance_bill_2_2019_20.htm

Changes as per Finance Bill No. 2 for 2019-20 (Payroll)

As per the Finance Bill No. 2 of 2019-2020, the revision in surcharge and amendments to section 80EE (insertions of sections 80EEA and 80EEB) are supported.

Note: Press Ctrl+Alt+I from the Gateway of Tally to import the latest statutory changes supported for payroll.

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Surcharge

Section 80EEA and Section 80EEB in Income Tax Classifications

Declare Investments u/s 80EEA and 80EEB

View Income Tax Computation report

Surcharge

For surcharge, the revised income slab and slab rate are supported.

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, No PAN, and very senior citizen for the financial year 2019-20 appear as shown below:

Section 80EEA and Section 80EEB in Income Tax Classifications

1. Go to Gateway of Tally > Display > Payroll Statutory Info. > Income Tax Classifications .

2. Select Interest on Loan Taken for Certain House Property and press Enter .

3. Press Esc to return to the List of Income Tax Classifications .

4. Select Interest on Loan Taken for the Purchase of Electric Vehicle and press Ent er.

Declare Investments u/s 80EEA and 80EEB

1. Go to Payroll Info. > Income Tax Details > Declarations .

2. Under Others (U/s 80D, 80DD, 80E, etc.) , select Single Employee Multiple Components and press Enter .

3. Select the employee.

4. Select Interest on Loan Taken for Certain House Property .

5. Enter the Declared amount and Proof/Eligible amount. The Qualifying Amount will appear automatically.

6. Select Interest on Loan Taken for the Purchase of Electric Vehicle .

7. Enter the Declared amount and Proof/Eligible amount. The Qualifying Amount will appear automatically.

8. Press Enter to save.

If you need to update one investment declared by multiple employees, go to Multiple Employees Single Component under Other (U/s 80D, 80DD, 80E, etc.) of Income Tax Declaration .

View Income Tax Computation for investment u/s 80EEA and 80EEB

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 Others (U/s 80D, 80DD, 80E, etc.) under Deductions under Chapter VI-A .

4. Press Enter to view the investments declared for Interest on Loan Taken for Certain House Property and Interest on Loan Taken for the Purchase of Electric Vehicle .