View Standard Deduction Using Income Tax Computation Report as per Finance Bill 2019-20 (Payroll)
As per the Finance Bill of 2019-20, the changes in standard deduction and tax rebate limits are supported.
Revised Standard Deduction
Standard deduction of Rs. 50,000 is supported.
View the income tax computation report with standard deduction
- Gateway of Tally > Display More Reports > Payroll Reports > Statutory Reports > Income Tax > Computation.
Alternatively, press Alt+G (Go To) > type or select Income Tax Computation > and press Enter. - Select the employee, and press Enter to view the Income Tax Computation report.
- Select Standard Deduction and press Enter to view the Standard Deduction report for the employee.
Changes in tax slabs for Tax Rebate U/s 87A
For tax rebate, the revised slab value of Rs. 12,500 on tax slab of amount upto Rs. 5,00,000, is supported.
View the revised tax rate
- Gateway of Tally > Display More Reports > Payroll Reports > Statutory Reports > Income Tax > Computation.
- Select an employee and press Enter. This displays the Income Tax Computation screen.
- Select Tax on Total Income and press Enter. This display the Tax on Total Income screen.
The tax rebate will be calculated on the revised slab values in the Income Tax Computation report.
