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TDS Calculation and Steps

TDS Calculation and Steps

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Published by Rahul Singh
Best payroll Software Help manual for HR Professional and small business
Best payroll Software Help manual for HR Professional and small business

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Categories:Types, Business/Law
Published by: Rahul Singh on Sep 23, 2010
Copyright:Attribution Non-commercial


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Forms  Import and Export menu

Step 1: Webpay Configuration (one time) a) Company Configuration b) Employees Master c) Tax Settings d) Tax Slab Step 2: Pay code creation and setting its tax properties (one time) Step 3: Perquisites Step 4:Details of Rent Receipt

Step 5: Income from Other Sources Step 6: Reimbursement Details a) Enter the Reimbursement Details b) Reimbursement Process Step 7:Professional Tax Step 8: Investment Details Step 9: View Salary Slip Step 10: To Make Statutory Statements for Income Tax a) Create update Tax Deductor b) Create update Tax Challan c) Generate E-TDS

Step 11: Reports a) TDS Estimation Slip b) TDS Challan c) Publish Form 16 Notes: a) Manual Tax Calculate b) Edit Income Tax After Salary Process

Step 1: Webpay Configuration
a) Company Configuration

Deduct TDS on Arrear amount Both: TDS on Arrear amount will be deducted in the pay month irrespective of Net Arrear amount being positive or negative. Positive: TDS on Arrear amount will be deducted in pay month only if Net Arrear amount is greater than zero. None: TDS on Arrear will be deducted proportionately, not in pay month.

The maximum limit of allowance for children education is Rs 200 & Hostel Charges is Rs. 600 for maximum of two children.

TDS deduction according to paid days

The rent amount will be prorated as per paid days, DOJ, Projected DOL but in case of Annual Rent receipts it will not prorate as per Paid days. Basic and HRA is also prorated I.e. if the employee gets full month basic but the rent amount is applicable from 15th of the month then Basic and HRA will be prorated. Actual rent paid amount is not prorated

Select the type of slap u need: 1)Individual 2)Female 3)Senior citizens

Click on save to make the new slab.

Select whether the code created is :a)Taxable b)Partially Taxable c) NonTaxable

Enter Employee Code . Perq. Value Amount Recd. from Employee Taxable Perqs. will be Calculated Automatically

Enter the Source of Income and the Income Amount

Click on process Salary Salary process Enter the employee id Click on generate Salary slip Select the type of report you want.

If taxable amount is Rs. 250/- & you pay Rs. 200/- in that case you can use this option. Taxation->Enter Manual Tax

If you need to change taxable amount in that case you can use this option. Process->Tax->Edit Income Tax After Salary Process

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