More Employee Details in TDS Details
In this article, we will be learning how to update the Tax Saving details for employees in SPP
To proceed, navigate to TDS Details → More Employee Details.
Select the Financial Year from the drop-down list. The employee-wise tax-related details will be displayed across different tabs.o.
Now, let us understand each tab separately in detail.
Metro Y/N:
Under the Metro Y/N tab, you can update the metro or non-metro status of employees. Select the Yearly option to apply the metro status for the entire financial year, or select specific months to apply only for the particular month.
Note:
- Enable the Select All Yearly option to apply the yearly option for all employees.
- For bulk setting, right-click and select Set Metro for all employees to mark all employees as residing in a metro city for the selected financial year or Set Non-Metro for all employees to mark all as non-metro for the selected financial year.
Rent Paid Details:
In the Rent Paid Details tab, you can capture the rent paid by the employee. Enable the Yearly option to enter the total annual rent, or enter the rent month-wise under the respective months, and the system will automatically calculate the total rent.
Note:
- Enable the Select All Yearly option to enter the total annual rent for all the employees.
- Right-click and select Copy Data to Next Months to copy the rent details to future months.
Children Studying:
Here, the tuition fees paid by employees for their children’s education can be updated. Enable the Yearly option to enter the total annual amount, or enter the tuition fee month-wise under the respective months.
Children (Hostel):
In the Children (Hostel) tab, you can capture the hostel rent amount paid by employees. Enable the Yearly option to enter the total annual amount, or enter the amount month-wise under the respective months.
Handicap:
Under the Handicap tab, the employee’s disability details can be recorded for income tax purposes. Enable the Yearly option to apply the status for the entire financial year, or select the respective months.
HRA and Regime:
In the HRA and Regime tab, you can enable the required option to define the tax regime applicable to each employee for income tax calculation.
- Monthly to allow changes in the tax regime on a month-wise basis.
- New Regime to apply the new tax regime for the employee.
- Lock Regime to restrict further changes to the selected tax regime.
Note:
- Enable the Select All New Regime option to apply the new regime for all employees and Select All Lock Regime option to lock the regime selection for all employees.
- Enable the Select All Month option to apply changes in the tax regime monthly for all the employees.
- Select the VI – A Ded. option to enter the tax-saving investments and deductions for employees under under Income Tax Chapter VI-A.
- Select the NSC Det. option to enter and manage NSC (National Saving Certificate) investment details of employees for tax deduction (under 80C).
Benefit Int. Free Loans:
Here, the benefit arising from interest-free or concessional loans provided to employees can be recorded for income tax purposes. The system auto-calculates and displays the benefit under the Benefit from Loan column, or you can enter the amount manually under the Benefit from Interest-Free Loans.
Note:
- Select the Export option to export the displayed details to an Excel file and the Import option to import the updated loan benefit details.
- Enable With Data option to export the employees loan benefit details along with the existing values entered.
CG – HP (ITR2):
Under CG – HP (ITR2) tab, you can enable the required option to record the Capital Gains and House Property income of employees for income tax purposes.
- CG (ITR2) to indicate that the employee has capital gains income.
- Let Out if the employee has income from a let-out house property.
- Loan Borrowed After 31/03/1999 to specify whether the housing loan was taken after the mentioned date, which is used for tax calculation.
Note:
- Enable the Select All option to select the CG (ITR2) option for all the employees.
Select the additional options
- Select the Filter option to filter the employees based on specific criteria.
- To search particular employee from the list, enter the Ref. No. or Employee Name in Quick search by.
- Select VI – A Ded. option to record and manage tax-saving deductions declared by employees under Chapter VI-A of the Income Tax Act.
