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

As per the Finance Bill No. 2 of 2019-20, the revision in surcharge and amendments to section 80EE (insertions of sections 80EEA and 80EEB) are supported.

 

Declare Investments u/s 80EEA and 80EEB

  1. Gateway of Tally > Alter > type or select Income Tax Declarations > and press Enter.
    Alternatively, press Alt+G (Go To) > Alter Master > type or select Declarations > press Enter.
  2. Under Deductions Under Chapter VI-A > 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 Others (U/s 80D, 80DD, 80E, etc.) of Income Tax Declaration.

 

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

  1. Gateway of Tally > Display More Reports > Statutory Reports > Payroll Reports > Income Tax > Computation.
    Alternatively, press Alt+G (Go To) > type or select Income Tax Computation > and press Enter.
  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.
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