Compute and View Income Tax Details
In this section, we will learn how to compute the income tax details and view the computed results. Computing income tax ensures that the correct amount of tax is paid based on income, deductions, and exemptions. It helps in staying compliant with the law, avoiding penalties or interest due to underpayment, and also provides opportunities for effective tax planning through eligible investments and savings.
Let us begin by computing the income tax details:
Navigate to TDS Details → Compute Income Tax.Â
Once you click on Compute Income Tax, the amount of tax to be paid by the employee will be calculated. After the calculation is complete, a prompt will confirm that the computation has been successfully completed. Now, click on Ok and close the dialog box.
Next, proceed to view the computed details:Â
Once again, navigate to TDS Details → Computation Details.Â
This will direct you to the computed income tax details. Any additional earnings or deductions, if required, can be entered on this screen. Use the Select Assessee button to view the list of assessees and choose the required assessee. After selection, enter the details in the appropriate fields. Finally, click Save to save the entries and Close to exit the dialog box.
