Income Tax

New Features:

• Now users can import Tally data directly into B/S AND P/L of ITR with ease. This feature has been there since three years in Saral TaxOffice and now incorporated in Saral IncomeTax for the Benefit of users. This is a special tool for the Users, which is helpful during last minute uploading of finalized tally data to B/S and P/L of ITR.
• Available in Utilities menu/ in ITR Balance Sheet screen / Profit & Loss screen.
• MAT credit calculation handled in detail along with carry forward of MAT credit [Detailed entry/Loading earlier year data provided in MAT – Cr. 115JAA ->“…” button].
• Importing from FORM 26AS file to Tax paid details in Computation [available in Utilities menu].
• Now users can Download and Open ITR V - through an option provided in e-Transaction menu with ease.

Enhancements:

• In ITR – Data Entry and view option is given in separate tab, so that users can easily know which are the items they have to fill in ITR directly. All other items other than given in Data entry generally ported to ITR either from Masters screen or from computation menu.
• In entry view – ITR schedules captions are made more understandable to user (ex: “Part A Gen 3” is changed to “Partners detail”).
• In Business/Profession screen ‘Depreciation as per profit/loss account’ data is imported from ITR Part A – P&L (Depreciation) with an option [switch off the option if importing is not needed]. Applicable from A.Y. 2010-11.
• In MIS Details – Refund Claimed amount is automatically filled incase refund is present in computation.
• Computation/Assessee/Challan/MIS Report interface is enhanced and unused options are removed.
• As per CBDT Amended Rule 12- makes it Mandatory to file electronic return- Amended provision is as follows
• For Individuals / HUF / Firm falling under audit u/s 44AB need to file electronically (no paper returns), with or without Digital Signature.
• Companies filing under ITR 6 need to file electronically (no paper returns) with Digital Signature.

According to the above mentioned rule following things are taken care off

• An item is added in Warning (missing mandatory) which checks whether the assessee falls under the Provisions of Section 44AB of the Income Tax Act,1961 as automatically prompts message, if the information’s are not filled up in ‘PART A OI of ITR’ /‘Other information’ & PART A : GEN: GENERAL (2) /’Rep. Assessee & Audit details’.
• In addition to the above a warning is shown when user generates paper return, indicating to file electronically.
• For ITR-6 ‘Auto e-filing’ option is removed as digital signature has to be included while uploading the XML file.
• Guidance to ITR filing with Digital Signature – link is provided.
• CPC Receipt no. and date is captured in MIS Details (available in the acknowledgement form sent by CPC - on receipt of ITR-V) and CPC receipt no. option is provided in Assessee search.
• Cost of inflation index for A.Y 2011-12 (711) is incorporated.
• In Computation Report
• Surcharge and Education CESS amount are shown separately.
• In case of refund bank details entered in ITR are shown (A/c number, Cheque/ECS & MICR code).
• New registration included for those having file sharing method for multi user registration.

Details of Version 5.10 is available here >>