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.
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:
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:
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:
