The Override Exemption Value allows the user to override either the Income Amount or Exemption Amount.
When Income Amount is Overriden for any Allowance, the Voucher Value will not be considered for Income Tax computation and the value specified in the Override screen will be considered for the Income Tax.
When Exemption Amount is Overriden for any Allowance, the default Exemption available in the system will not be considered for the computation of Income Tax. The amount specified in the Override screen will be considered for Income Tax.
To specify the Override Details,
Go to Gateway of Tally > Payroll Info. > Income Tax Details > Override Exemption Value
Select the required Employee from the List of Employees
Select the required Allowance from the Income Tax Components
In Effective From field, specify the date from when the Override details are applicable
In the Ledger Name field, select the required Ledger / Pay Head from the List of Ledgers
In Override for field, select from Exempt, Income or Both
Enter the required amount in the Income Amount field
Enter the required Amount in the Exemption Amount field
Press Enter to Accept and save