The revisions in tax rebate, surcharge, and income tax slab rates are supported as per Union Budget for the financial year 2017-18.
Note: You can import statutory files by pressing Ctrl+Alt+I from Gateway of Tally to view the income tax slabs and classifications.
For income tax, the revised slab rates are supported.
To view the new slab rates
● Go to Gateway of Tally > Display > Statutory Info. > Income Tax Slabs > Income Tax Slab .
In the Income Tax Slab screen, the exemption limits applicable for males, females and senior citizens for the financial year 2017-18 appears as shown below:
For surcharge, the revised income slab and slab rate are 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 males, females, senior citizens, No PAN, and very senior citizens for the financial year 2017-18 appear as shown below:
For tax rebate, the revised tax rebate of Rs. 2,500 for individuals with income up to Rs. 3,50,000 is supported.
To view the revised tax rebate
● 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 males, females, senior citizens, No PAN, and very senior citizens for the financial year 2017-18 appear as shown below:
