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A deduction is defined as sum or amount deducted or allowed to be deducted, the process of taking away an amount or a part of something from a total, or the amount that is taken. An amount or part taken away from a total, especially an expense that you do not have to pay taxes.

An example of a deduction is what is taken out of your payroll check for income taxes.

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• All the fields with * sign are mandatory to be filled in. Without this information, the system configurations cannot be executed.

• Deduction Code should to be unique and Length of the code should not exceed max 20 characters.

• The Length of the name should not exceed 50 characters.

• The format of the Account Code to be 7 to 9 digits numeric and unique no repetitive code should be entered.

• The IFSC code should consists of 11 digit alphanumeric (Example ICICI0XXXX97) and the length should not exceed 16 characters.

Attachments

• Refer to “Deduction List” in the uploaded template.

• For sample data reference, refer to the uploaded “sample date” file.

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