Specifying the value for rebate items
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Select “Section 88 Rebates” hyperlink from the left pane.
The “Section 88 Rebates” page appears. Ensure that you have selected the tax year for which the value of the rebate items must be specified.
Select the “Rebate Items” hyperlink from the bottom of the page.
The “Rebate Items” 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 |
The tax year selected in the previous page. |
As you specify a default tax year, you indicate that the new tax year will inherit all the rebate items 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 rebate items 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. |
To specify the investment type for rebate items
You must specify the investment type under which the rebate items are mapped.
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Investment Type |
From the drop-down list box select the investment type under which the rebate items must be defined. By default the system will display with “Non- Infrastructure” value. The drop-down list box contains two values namely “Non- Infrastructure” and “Infrastructure”. One among them must be selected. |
As you specify the investment type, the system will display all the mapped section 88-rebate item details in the multiline. You can modify the details if any, and save the details.
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Rebate Items |
All the rebate items that have been defined in the quick codes component of HRMS General Masters for the specified investment type selected in the “Investment Type” drop-down list box. |
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Maximum Amount |
The maximum amount that can be invested in the corresponding Rebate Item. |
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 specify the value for various rebate items defined under section 88 as specified by the income tax authorities.