Statutory Exemption
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The system displays the following in the “Access history” group box:
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Effective Period |
From the drop-down list box, select the effective period for the rate table information created. |
Enter the following details:
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Exemption Type |
Use the drop-down list box to select the type of statutory exemption. The combo is loaded with the values “Select”, “Exemptions”, “Special Deductions”, and “Standard Deduction”. |
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Exemption For |
Use the drop-down list box to specify the exemption details. The combo is loaded with the list of exemptions. |
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Exemption Value |
The exemption value is used for tax calculation for the employees who are falling as per the exemption for criteria. |
Enter the following details:
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Modification Option |
Use the drop-down list box to specify the modification option. The combo is loaded with “Select”, “Correct” and “Update”. The system by default displays “Select” on launch of the page.
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New Effective From |
The new effective date of updated records. |
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Remarks |
Any remarks or additional information regarding the master setup details. |
Note: Modification Option: While modifying the rate tables applicable to any fund, you can use one of the two available modification options viz., “Correct” and “Update”. If you choose the Correct option, the changes you make will come into effect in the existing record itself. If you choose the Update option, the system closes the existing version of the record and will create a new record containing the changes you make. You are to specify a new effective date which will become the effective date for the new record.
Click the “Submit” pushbutton.
The system saves the statutory exemption details.
