The Settings section in the admin portal allows you to set and manage income tax rates applicable to your organization. This section provides a centralized platform to define tax rate slabs, update tax percentages, and ensure accurate income tax calculations.

1. Accessing the Manage Income Tax Rates Section

To access the Manage Income Tax Rates section in the OpenScope ERP SAAS admin portal, follow these steps:

• Open your web browser and enter the URL: https://dev.openscope.in/admin/hr_payroll/setting?group=income_tax_rates
• Log in to your admin account using your credentials.
• Once logged in, you will be directed to the Manage Income Tax Rates section automatically.

2. Defining Tax Rate Slabs

In the Manage Income Tax Rates section, you can define tax rate slabs based on income levels. Tax rate slabs determine the applicable tax percentages for different income ranges. Some common actions you may perform include:

Adding Tax Rate Slabs: Add new tax rate slabs by specifying the income range and the corresponding tax percentage applicable to that range.

Editing Tax Rate Slabs: Modify existing tax rate slabs by adjusting the income range or changing the tax percentage.

Deleting Tax Rate Slabs: Remove unnecessary or outdated tax rate slabs from the system.

3. Updating Tax Percentages

Tax percentages represent the rate at which income is taxed within each tax rate slab. In the Manage Income Tax Rates section, you can update tax percentages to reflect any changes in tax regulations or organizational requirements. Some common actions you may perform include:

Updating Tax Percentages: Modify the tax percentages associated with each tax rate slab to ensure accurate income tax calculations.

Applying Tax Percentage Changes: Save the updated tax percentages to apply them to the income tax calculations.

4. Saving and Applying Changes

After defining tax rate slabs or updating tax percentages, remember to save the changes to reflect them in the system. Look for the “Save” or “Apply” button at the bottom or top of the Manage Income Tax Rates page to save your changes.

5. Ensuring Compliance

Managing income tax rates is crucial for ensuring compliance with tax regulations. Regularly review and update tax rate slabs and percentages to align with the latest tax laws and regulations. This ensures accurate income tax calculations and compliance with tax requirements.