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Income tax software is specifically designed for filing income tax returns in a better and efficient way. The exquisite services made available in this particular software make it easy to use and provide quicker solutions to the ever increasing income tax demand in the current economic scenario. This particular software was initially launched by the government before the development criteria was taken over by the corresponding third party private corporations, and subsequently modified for ensuring greater accuracy and ease up of complex procedures on a massive scale.
Purpose Of The Income Tax Software
The basic purpose of the software is essentially to inherit the income details furnished by the corresponding applicant, assess all the slab rates and accordingly prepare the invoice details regarding the total amount of income tax that is to be paid duly to the corresponding authority.
The software also performs filing of the income tax returns for the taxpayers whose annual income is more than 5 lacs per annum, and with the applicable rate of return, the amount from the income is deducted for the same.
This service is marked differently as per whether the assessees are an individual applicant or a business organization corresponding to the tier of the outputs they generate.
Features Of The Income Tax Software
Offers auto generation and auto filling of the filing reports for better efficiency and greater time complexity reduction.
Covers all standard slab rates coupled with the corresponding NRI calculations.
Full-fledged comprehensive yet detailed listing of every minute segment of the calculation for better efficiency and greater ease of understanding purposes.
Deep integration availability into the various other softwares specifically designed to carry out the income tax filing returns, like balance sheet software, eTDS software and the like.
A fully equipped management information system (MIS) with automatic data generation facility and availability of different annexure levels.
Easy computation of taxes for the various levels of taxpayer assesses namely local bodies, trusts, firms, companies, BOI, individuals in a perfect modulated criterion.
Direct manipulation of the available data obtained from the various other modules of tax preparation softwares, for a better functionality and ease of access.
Detailed statutory analysis for all the incomes tax returns of the corresponding taxpayers and assesses alike.
Easy generation and filing of ITR reports online
Effectively creating bills for online payment with the necessary deductions made as per the business requirements.
Verification and rectification criteria duly handled for greater efficiency.
Incorporation of various tax planning tools to facilitate the easy manipulation of the data for adjustment of the losses incurred on the same.
Facility to calculate advance tax payments.
Backup and restore facilities for the data for the corresponding clients.
Facility for online payments without the need for mainstream filing.
Advantages of Income Tax Software
Modular calculation of the income tax returns with the deduction of various allowances as per the requirements of the given assessee.
Updated software in compliance to the revised standard business rates intended towards various calculations.
Calculation of exemptions with respect to the corresponding phase of calculation in reference to gratuity and fund allowances.
Rebate applicability and availability of special rates for some taxes.
Automation of the software is a highly advantageous concept keeping in mind the kind of and the large amount of calculations done at various levels of authority for effective tax paying maintenance.
Effective and accurate calculation of various depreciation factors as per the regulations for the given business and industrial organizations and corporations accordingly.
Online payment facilities with the necessary deductions make less paperwork and improved efficiency and ease of execution for the same.
Real time updation of data in the main database with abstraction features availed to facilitate client wise manipulation of the data accordingly.
Reports Available Under This Software
Report on Income Tax Returns.
Total income, total payment of taxes, pending payments, etc.
Report on Claim of Exemptions.
Status of Refund.
Amount of shares held and payment of security deposits.
Capital gains and the corresponding descriptions.
Filing of Returns.
Tax computation and payment report in terms of both annexure wise and without the requirement of annexure.
Calculation of interest and relief statements.
The availability of the various forms as per the regulatory standards.
MIS reports for effective maintenance details.
Tax Audit Reports.
Essentials To Look For While Buying Income Tax Software
Basically, before proceeding onto buying this software, it is highly recommended to have a brief insight into the user interface of the same. The availability of this software in both government and privatized mode enables it to have different variations and thus, the interface is of most important concern.
The software should have full compliance with the income tax standards and the corresponding regulatory requirements for better and effective generation of incurves for the income tax returns.
Another aspect of significant importance that one should definitely ensure is the availability of the different modules under this specific type of software. Any lack on that part, is crucial to the database and thus cause an error of calculation of the same.
The software under consideration should also be quick in generation of reports and other filing of returns with greater efficacy. This is important when you are dealing with generation of income tax returns and payments for the same on a comparatively larger scale.
Detailed reports maintenance should be of prime importance in this software, each and every aspect being highly essential towards future generation and verification of bills and payments otherwise.
The incorporation of the income tax software and its corresponding digitization has played a major role in easing the workflow of the various business organizations thus keeping them in compliance with the regulatory standards of the income tax requirements. The software has inadvertently advanced with better functionality features incorporated due to advanced technologies and is predicted to create a major influence on the trending economic standards on a larger scale.