tds calculation and steps

BIGBYTE SOLUTIONS

PVT LTD

TDS CALCULATION

AND STEPS

Ways to Calculate TDS by Webpay

Using Forms Import and Export menu

TDS CONFIG & STEPSStep 1: Webpay Configuration (one time)a) Company Configurationb) Employees Masterc) Tax Settingsd) 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 Detailsa) Enter the Reimbursement Detailsb) Reimbursement Process

Step 7:Professional Tax

Step 8: Investment Details

Step 9: View Salary Slip

Step 10: To Make Statutory Statements for Income Taxa) Create update Tax Deductorb) Create update Tax Challanc) Generate E-TDS

Step 11: Reportsa) TDS Estimation Slipb) TDS Challan c) Publish Form 16

Notes: a) Manual Tax Calculateb) Edit Income Tax After Salary Process

a) Company Configuration

Step 1: Webpay 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.

b)Employee Master

Fill Information Regarding Gender and PAN No.

c) Tax Settings

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

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

d) Enter Tax Slab

For Making The Slab:-

Select the type of slap u need:1)Individual2)Female3)Senior citizens

Click on save to make the new slab.

Step 2 : Pay Code Creation and its Tax Properties

Create Pay Codes and Tax Properties

Select whether the code created is :-a)Taxableb)Partially

Taxablec)Non-

Taxable

Step3: To Assign Perquisites

Enter Employee Code.

Perq. Value

Amount Recd. from Employee

Taxable Perqs. will be Calculated Automatically

Step 4: Details of Rent Reciept

Step5 : Income from Other Sources

Enter the Source of Incomeand the Income Amount

Step 6 :Reimbursement Details

a) Enter the Reimbursement Details

b) Reimbursement Process

Step7 :Professional Tax

PT Details

PT Location & Unit Mapping

Step 8: Investment Details

Step 9: How to Generate Salary Slip

Click on process

Salary

Salary process

Enter the employee id

Click on generate Salary slip

Select the type of report you want.

View Salary Slip After Salary & Tax Process

Step 10 : To Make Statutory Statements for Income Tax

a) Create Update Tax Deductor

b) Create Update Tax Challan

c) To Generate E-TDS

D- DEDUCTORR – REGULARQ- QUARTER

Step 11: Reports

a) TDS Estimation Slips

b) TDS Challan Report

c) Publish Form 16

Notes:

a) Manual Tax Calculate

If taxable amount is Rs. 250/- & you pay Rs. 200/- in that case you can

use this option.

Taxation->Enter Manual Tax

b) Edit Income Tax After Salary Process

If you need to change taxable amount in that case you can use this option.

Process->Tax->Edit Income Tax After Salary Process

THANK YOU