Specifying Section 80 deductions
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See page overview
Select “Section 80 deductions” hyperlink from the left pane.
The “Section 80 Deductions” page appears. The system will display the following.
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Tax Setup Unit |
The name of the tax setup unit in which the tax set up has been deployed. Tell me more |
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Date Format |
The date format applicable to the login user. Tell me more |
To specify a tax year
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Tax Year |
From the drop-down list box select the tax year for which the section 80 deductions are to be specified. The drop-down list box contains list of all the tax years that have been created in the “Create Tax Year” activity and whose status is “Active”. |
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By default the system will display with “Select” value. If there is only one tax year defined, the system will default the same. |
As you specify a default tax year, you indicate that the new tax year will inherit all the deductions applicable to the selected default tax year.
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Default From Tax Year |
From the drop-down list box select the tax year whose deductions is applicable for the current tax year. The drop-down list box contains list of all the tax years prior to the current tax year that have been created in the “Create Tax Year” activity. By default the system will display with a blank value. |
Note: As you specify the default tax year, the system will display the applicable section 80 deductions details in the multiline. You can modify the details if any, and save the details.
To specify the value of a deduction item
In the “Deduction Items” multiline, you can specify the maximum amount that can be invested for availing deductions under this section.
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Deduction Items |
The system will display the list of all the deduction items defined in the quick codes component of the HRMS General Masters. |
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Maximum Limit |
The maximum amount that can be invested for tax deductions if invested in the corresponding deduction item. |
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% of Investment |
The maximum percentage of investment than that can be invested in the corresponding category for claiming tax deductions. |
Select the Book icon beside the comments field. The system will display a dialog box containing comments, if entered earlier.
You can view, modify or delete the content.
Select the “OK” pushbutton to save the details and return to the previous page.
Select the “Cancel” pushbutton to return to the previous page without saving the details entered.
Select the “Save” pushbutton to save the details specified. As the details are saved, the system will refresh the page with the saved details.
Hyperlinked topics below
Use this page to create or modify the various deductions applicable to the employees under section 80 of the Income tax act.
In this page, you can specify section 80 deductions applicable for a tax year in three different ways.
You can specify a new values applicable to different income levels.
Specify an earlier tax year make it applicable to the new tax year.
Apart from specifying the details, you can also modify the same.
To_specify_the_value_of_a_deduction_item