Specifying Section 88 rebates
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See page overview
Select “Section 88 Rebates” hyperlink from the left pane.
The “Section 88 Rebates” 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 |
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Tax Year |
From the drop-down list box select the tax year for which the section 88 rebates 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 rebates 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 rebates 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 88 rebate details in the multiline. You can modify the details if any, and save the details.
In the “Ceiling Amount” group box, you can specify the maximum amount that can be invested for availing rebates under this section.
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Section 88 |
The maximum amount that can be invested under this section. |
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Infrastructure |
The maximum amount that can be invested for tax rebates if invested in this category. |
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Non – Infrastructure |
The maximum amount that can be invested under this category for claiming tax rebates. |
Note: The value specified in the “Infrastructure” and “Non- Infrastructure” fields must not exceed the value specified in the “Section 88” field.
You can specify the percentage of investment that can be availed as tax rebate for a certain range of income.
Specify the following details in the multiline.
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Income From |
The start range of the income for which a specific percentage of investment is applicable. |
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Income To |
The maximum income, beyond which the specified percentage is not applicable. |
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% Of Investment |
The percentage of investment applicable for claiming tax rebates under this section for the corresponding income range. |
Note: The value of
“Income From must be the same as the value of “Income To” in previous
row. For example, Income over 1 but not over 50000; Income over 50000
but not over 60000; etc.
Ensure that the value of “Income To” is greater than “Income From” value.
If the “Income From” is not specified, the system takes the value as zero
and if “Income To” is not specified, the system will regard any value
exceeding the specified “Income To” value in the corresponding row.
Select the “Save” pushbutton to save the details entered.
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 rebates applicable to the employees under the section 88
In this page, you can specify section 88 rebates applicable for a tax year in three different ways.
You can specify a new rate table 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.