Income Tax

New Feature:

• SARAL II (ITR 1) – Paper Return for A.Y. 2010-11 enabled. (In Computation for ITR 1 (One) House property & Other sources except non recurring income is included, Agriculture income is removed, incase ITR 1 has any loss to be carried forward message is prompted to change to ITR2)
• If user has wrongly chosen the ITR1 instead of ITR2 the software will prompt user to change to ITR2 and it will be done with a click of a button

Enhancements:

• In Business section – Detailed information of allowance and disallowance 43B are captured. (Computation report is also updated)
• PAN Validation improved at PAN entry points, giving less scope for errors.
• In STCG and LTCG screen – Clear all option is provided [except for Deemed STCG/LTCG].
• In Other sources section – “Interest - Others” entry is provided and Computation report is also updated in this regard
• In Assessee selection grid, search option (similar the one in Saral Office main screen) is provided. Now search can be done on the basis of client ID, Client Name or File Number.
• MIS Details (Filing and Refund details) link is provided in status bar so that user can enter details at ease.
• Limited Liability Partnership (LLP) status included (applicable from F.Y. 2009-10).
• In Computation Report – Annexure to Interest U/s. 234A, 234B & 234C is provided.
• Carry forward of Losses is restricted for some section incase return is filed late
  [This is provided optionally to accommodate the following circular “If Return of income is submitted after the due-date, the delay may be condoned if a few conditions are satisfied circular no. 8/2001, dated May 16, 2001”.]
• In Business section - FBT is removed from A.Y. 2010-11
• In Computation Report – in salary annexure perquisites valuation details are provided.
• In LTCG & STCG Year of acquisition date validation given (changes applicable from A.Y. 2010-11).
• Changes to 234A calculation: Changes done in 234A calculation by applying following Judgment
  

  self assessment tax paid before due date’ is deducted from ‘net tax considered for Interest’, so that interest 234A is avoided from calculation.

  Case law: Self Assessment tax paid before the due date and return submitted after due date. - Interest would not be payable in a case where tax has been deposited prior to due date of filing of income-tax return even if return of income is filed after due date of furnishing such return - CIT v. Dr. Prannoy Roy [2009] 179 Taxman 53(SC). It is not open to Assessing Officer to charge interest under section 234A where the assessee has paid due taxes and merely filing of income tax return is delayed.

Details of Version 5.02 is available here >>