1: How to create Food Coupon Earning component
Go to Payroll Settings >> Salary Components >> New
Refer the below-mentioned screenshot to create the same
Note: To capture the exemption amounts under section17(2) for Income Tax Calculations Food Coupon component must be mapped
2. How to create a Food Coupon Deduction Component.
In the same page, select New again.
Refer the below-mentioned screenshot to create the same
In the deduction, component select the Calculation Type as Formula and in the Value/Formula select Formula builder update the same Abbreviation as of Food Coupon Earnings Component and click on validate and Save.
Note: By creating two components one as Earnings and Other as Deductions. The Food Coupon will be reflecting both in the Earning side and Deduction side.
Domain Hint: The Exemption will be Rs.50/- Per meal in a day and multiply by the total working days in a month.
Max exemption is Rs.100/- If the employee works more than the Normal working hours in a day and multiply by the total working days in a month.