As computed value is used if the pay head value is dependent on another pay component. You can also specify either percentage or value or combination of both.
Path: Gateway of Tally -> Payroll Info -> Pay Heads -> Create
Name: House Rent Allowance
Pay head type: Select Earnings for Employees from the list of pay head types
Income type: Fixed
Under: Select Indirect Expenses from the list of groups
Affect net salary: Yes
Name to be displayed in payslip: House Rent Allowance
Currency of ledger: ₹
Use for calculation of gratuity: No
Set/alter Income Tax details: Yes, once enable this option then the below screen will appear.
Calculation type: As Computed Value
Calculation Period: Months
Rounding method: Normal rounding
Compute: On Specified Formula and select pay head as basic pay
Effective From: 01.04.2017
Slab Type: Percentage
Press enter to save the screen
Income Tax component: House Rent Allowance
Tax calculation basis: On Projected value
Deduct TDS across Periods: Yes
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