How to make entries in the IT Declaration screen ?

• Path: Transactions >>>IT Declaration
• The Code & the Name of the employee appears by default based on the code with which the employee has logged in.
• The following heads used for IT declaration appear in 8 different tabs .
  • Housing Loan
  • Leave travel
  • House rent paid
  • Rental income
  • 6 A Part 1 ( Investment)
  • 6 B Part 2 (Expenses)
  • Other income
  • Other tax paid

How to make an entry to declare a Housing loan?

• Click the Housing loan tab
•  Click Add Row to make an entry

• Housing Loan screen opens up for the employee  to enter the details as shown below

• The following fields are available in the Housing loan screen to enter the respective details.
  • Particulars – Employee to enter the Name of the bank/lender & address from  where the loan is availed
  • Remarks – To enter the reason/any other remarks for approval.
  • Principal Paid – To enter the Principal paid for the whole year
  • Interest paid – To enter the interest paid for the whole year
  • Lender – To select the Lender from the pick list already created
  • – To add the names of more lenders if required & update details
  • Attachment – To attach Loan sanction document, amortization schedule or  payment receipts for proof.
• Click the button Back to save the entry

How to add Lender & update Lender details ?

How to View or Edit or Delete the saved entry?

Transaction >> IT Declaration

How to make an entry to declare the Leave Travel ?

• Click the Leave Travel tab
• Click Add Row to make an entry
• Leave Travel screen opens up for the employee  to enter the details as shown below

• The following fields are available in the Leave travel screen to enter the respective details.
  • Particulars – Employee to enter the Place , mode & date  of travel
  • Declared – Employee to enter the amount that he is declaring for IT deduction
  • Approved – HR authorized person to enter the approved amount for IT deduction
  • Remarks – To enter the reason/any other remarks for approval.
  • Attachment – Employee to attach tickets/bills
• After entering all the fields Click Back to save the entry

How to make an  entry to declare the House Rent paid?

• Click the House Rent paid  tab
• Click Add Row to make an entry
• House Rent  opens up for the employee  to enter the details as shown below

• The following fields are available in the House Rent screen to enter the respective details.
  • Particulars – Employee to enter the address of the house rented , Contact number of the Landlord etc.
  • Remarks – HR authorized person to enter any reason/remarks for approval
  • From Period –  Date of the  first month rent paid for the financial year
  • To period – Date of the last month rent paid for the financial year
  • Metro – Employee to select from the pick list if the house belongs to metro/non-metro
  • Amount – Rent paid for the whole year
  • Attachment – Employee to attach Lease agreement/Rent payment receipts if any
• Landlord – To select  the name of the landlord from the pick list already created
•  – To add the names of the landlords
• After entering all the fields specified above Click the button Back to save the entry

How to make an  entry to declare the Rental Income ?

• Click the Rental Income tab
• Click Add Row to make an entry
• Rental Income screen opens up for the employee  to enter the details as shown below

• The following fields are available in the House Rent screen to enter the respective details.
  • Particulars – To enter the address of the house rented out, Contact number of the tenant etc.
  • Remarks – To enter any additional information
  • Total Annual rental Income – To enter Actual income received from the tenant for the whole year
  • Local tax paid- Local Municipal taxes like house tax paid for the financial year
  • Net annual value – (Rental Income – Local tax paid ) Gets automatically calculated
  • Standard deduction – 30% of the Net annual value
  • Interest on Borrowed capital – Interest paid for any loan taken for construction/purchase/repair of the House
  • Total deductions – (Standard deduction + Interest on borrowed capital) Gets automatically calculated
  • Net income value – ( Net annual value + Total deductions)
  • Attachment – Employee to attach Lease agreement/Rent receipts issued  if any/Tax paid receipts
  • Tenant – To select  the name of the tenant from the pick list already created
  • – To add the names of tenants
• After entering all the above specified fields Click the button Back to save the entry

How to make an entry to declare the following ?

1. 6 A Part 1 ( Investment)

2. 6 B Part 2 (Expenses)

3.Other income

4.Other tax paid

• Click the respective tab
• Click Add Row to make an entry
• The respective  screen opens up for the employee  to enter the details as shown below
• The following fields are available in each of the above screens  to enter the respective details.
  • Section – To select the section from the pick list
  • Particulars – To enter the details like Name of the Insurance, Investment Co & Policy No etc.
  • Remarks – To enter additional information
  • Declared – To enter the amount that the employee wishes to declare for the IT deduction
  • Approved – To enter the amount that is approved for the IT deduction
  • Attachment – To attach the documents like policy document, mutual fund document etc

The pick list in the section field given in each of the above screen is as follows: