The Tax Deducted at Source (TDS) is a critical component of compliance. Accurate updation of the applicable allowances on which TDS is applicable will ensure your organization is in compliance with the Indian Income Tax Act requirements. This document provides a step-by-step guide on updating this on the TeamNest Portal.
Please follow the steps below :
Step 1 :
Navigate to Admin Section > Payroll > Masters.
Step 2 :
In the Masters section, click on the Statutory Deductions tab.
Step 3 :
In the Statutory Deductions section, please go to TDS.
Step 4 :
i. You will see two sections with two lists: Remaining Allowances and Allowance Under TDS.
ii. For Taxable Allowance heads, move them to the Allowance Under TDS list by clicking on the applicable Allowance in the Remaining Allowance section. This will share the applicable Allowance from the left list to the right list.
iii. Kindly ensure that all non-taxable allowances are reflected in the Remaining Allowances and that all the taxable allowances are reflected in Allowance Under TDS.
iv. Finally, click on the Update TDS option. From here onwards, when processing Payroll, the system will compute the Tax for the Allowances appearing in the Allowance Under TDS list.
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