Income tax calculation software is basically computer software which help to calculate tax for any business with easy steps. This software solution also calculate TDS and avoid errors. It avoid fine charges by sending notifications and you can file your ITR & TDS return on timely without any delay.
Last Updated on : 02 Aug, 2021
Found our list of Income Tax Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
Income tax software is an application that assists at stages like income tax computation, ITR preparation, TDS and income tax e-filing. The process of using income tax software is very simple and user-friendly due to minimum key operations and single window computations. It also helps with data entry and income tax calculation of taxes. tax software facilitates easy preparation and generation of ITR forms in paper returns and e-returns by automatically filling the values from your sheets into ITR forms. The income tax software further provides various online tools and features.
Income Tax Software is a comprehensive solution for Indian tax compliance which automates the process of ITR preparation, TDS returns and online filing in bulk.
Here comes March, and ITR preparation software is going to be the best companion of start-ups, SMBs, and big enterprises alike. But do you know the basic steps to file ITR? Let us help you with ITR preparation with these simple steps:
There are a lot of benefits of using taxation tax software. Be it automation, increase in efficiency or accuracy, bulk filing, or record management. Let’s have a look at the benefits of income tax software:
Automation Software: Automation is a major benefit of using tax software. It reduces manual efforts as it can automate taxation formalities starting from tax calculation to tax filing. An income tax computation software will help you in your accounting process for calculating income tax, advance tax, wealth tax and TDS (Tax Deduction at Source).
Accuracy: Manual calculations always have the risk of going inaccurate. The Income Tax Preparation software will assure you of accurate results that can be trusted for your income tax filing purpose. This reduces manual labor, saves time, and reduces the chances of human error within your organization.
e-Filling of Returns: A taxpayer, be it an individual or an organization, should follow a prescribed format in order to have undisputed accounts. The income tax return filing software will take care of all these pre-defined formalities after calculating the tax amount. Thus, you don’t need to worry about any discrepancies.
Records: Taxation requires you to maintain records so that you can get the required details any time without requiring you to dig deep into the paperwork. An income tax filing software generates and stores the documents in easily accessible folders so that you can always find the details whenever required.
Real-Time Tracking: Get real-time tracking of all the processes related to income tax. You can control the complete workflow just by making a few clicks from your system with the best income tax software. You can view the real-time process status of every function with customized alerts, reducing hands-on time and enabling employees to focus on higher-priority tasks.
Better Efficiency: Income tax computation software helps increase the efficiency of every process related to tax management in your company. You will be able to retrieve data, eliminate data that is not required, generate invoices, upload digital signatures, and access archived data.
Controlled Workload: With automated software, you can save yourself from redundant tasks and focus only on the processes that actually need your attention. You can focus on priority tasks, You can manage priority tasks by viewing the real-time process status and receiving customized alerts which help in reducing hands-on time.
Affordability: Most tax management software is affordable and has a variety of features that can be used for filing income tax returns and other functionalities.
User-Friendly Features: Most tax preparation software is easy-to-use and has an interface that can be managed by employees with limited technical expertise. There are demo training sessions available as well if you want to learn how you can make the most of taxation software in detail.
Online Income Tax: This is also acknowledged cloud-based income tax software and it will help to access a dashboard to track financial details anywhere and anytime.
Complete ITR Preparation Software: This is designed for automating the processes related to the online filing of income tax returns and preparation.
Bulk ITR Filing: With corporate income tax filling software, you can do Easy filing of income tax returns in bulk with support from E-Return Intermediary services.
Tax Meter: A professional income tax software has the feature of tax meter which gives a quick glance of numbers under different income categories. You can also check the interest payable with the help of income tax calculation software.
Auto-Calculations of Taxes: Computation of income and exceptions for all categories can be calculated automatically with tax software.
Auto-Estimation: Estimation of late payments, payment interests, late filing interest, and the fee for delayed filing can be done automatically with the help of tax software.
Audit Report: A federal income tax return filing software has a built-in module for creating audit reports using a facility for easy importing. You can also auto-transfer data from computation and ITR, and carry forward the relevant data for future use.
Reporting Option: With income tax software, you can generate various reports like Audit, challan, MIS, and computation reports duly signed by the auditor. etc.
Data Import: You can bulk data import from multiple sources such as XML, Excel, and other sources for filing income tax returns with the help of income tax return filing software.
Tax Details Import: Tax details paid in previous financial years can be extracted with the income tax software. You can get details like TDS, 26QB, 26QC from form 26AS.
e-Filing Tools: You will get an e-return to submit a tool and an e-return error locator utility. With an income tax return filing software, you will also get to update your e-filing profile.
Online Adhaar-PAN Linking Tools: Tools and utilities like e-challan, mass e-return processing status, and adhaar-PAN linking can also be done with the help of itr filing software. You can also download and import XML as well as other file formats from the IT website.
E-Services: An income tax filing software can guide you with e-payment, submission of payment details, message services, digitally signed e-invoice, and auto-registration on formatting and surrendering license.
Miscellaneous Features: Income tax software includes features like billing, IT checker, and tax planner. An income tax return software can provide a comparison of the current year’s figures to any of the years in the past. You can also view the bank details like IFSC and BSR code.
Add Digital Signature: You can upload your digital signature by using the digital signature utility feature for form 16 and form 16A.
Integration with TRACES: ITR filing software provides the online services utility feature which is fully integrated with TRACES (TDS Reconciliation, Analysis and Correction Enabling System).
Finding the e tds software should be based on what your organization needs. Depending upon the type of features that you need, your choice of income tax software will change.
Know What You need
While choosing an income tax calculation software in India, you should know what kind of software do you want. If you are looking for an income tax return preparation software that has automated e-filling and a TDS module as well, you should look for specific options. If you want income tax software with just the basic features, you can opt for the basic versions available.
Ease of Use
Most income tax return software is easy to use, but make sure that you are able to understand and operate the software easily once it’s implemented within your system. Any software functionality that you cannot use conveniently will result in the wastage of both time and effort.
Vendor Support System
Reliable vendor support is a must for you, just in case things go wrong. If you face any issue with the income tax software for tax preparers, you would need a vendor support executive to fix it. You should make sure that your vendor has a reliable after-sales service because delays in fixing the issue can take a major toll on your company.
Free Income Tax Software Demo
Before buying income tax software for pc, you should ask for an tds return filing software demo trial. Also, make sure that you inquire the vendor about each and every feature. ITR software demos are quite helpful, as you will be able to understand the software better and make a sound judgment before buying the software.
Making the Investment
Make an investment only when you are very sure that you want to opt for online income tax software. Income tax computation software price varies according to its features. If you are a beginner, you can always try your hands on the free income tax software available online. When you are sure that you want to go a step higher, only then make an investment of buying an advanced online income tax software. Before buying, always check the minimum system requirement. Also, make sure that the software you are choosing is compatible with other plug-ins you might want to use.
|Income Tax Software Cost|
|Best Income Tax Software||Price||Ratings|
|GEN Income Tax||₹5900 /Year||4.7|
|Saral IncomeTax||₹8000 /User||4.4|
|Saral TDS||₹1770 /Year||4.6|
|Gen XBRL||₹17700 /Year||4.8|
Q1 - How to file tds return online without software
Install the particular utility in any preferred folder on your device.
Once installed, click on the “TDS_RPU.jar” file
After that make a selection for your form type.
Choose between ‘Regular’ or ‘Correction’ as your return type.
Fill your company details and select the ‘Create file’ option. This will open up the challan page.
Select the ‘add row’ option. Input the number of challans corresponding to TDS return.
Select the option of ‘Annexure 1’. Choose ‘Insert a row’ option. Fill in the exact number of deductees corresponding to each challan.
Fill in the required details such as Name, PAN number, date of payment and date of deduction etc.
Once this is done, select the option of ‘Create file’. When you do this, TDS file utility will appear on your screen.
Select the option of ‘Validate’. After this, select the option of ‘System Generate FVU Files’.
You can now copy FUV files in a storage device or directly upload them on your TDS account on the Income-tax website.
You also have the option of utilising TDS software authorized by the government. Download it here.
Q2 - Where to buy and compare tax software?
You can easily buy and compare tax software online. There are many income tax software available on techjockey.com to filter out, compare and buy. You can also avail a free demo to test if you are comfortable using a given income tax software.
Q3 - How to use income tax software?
Most income tax return preparation software applications are extremely easy to use. You can operate it on your own with the instructions given, or you can also take the help of the free demo sessions to be more familiar with this software.
Q4 - What is the best ITR preparation software in India for CAs.
Chartered accountants prefer these income tax software solutions for ITR preparation: Winman software, ClearTax, Saral TaxOffice, TaxRaahi ITR, etc.
Q5 - How does income tax software for (CA) chartered accountants works?
With this income tax software free for chartered accountants specially designed for CA office to improv their accurate financial calculations and make track for ITR, Returns, GST filling.
Q6 - Which income tax software is best?
There are many income tax filing software that can be considered the best for you. It all depends on your requirements. All you have to do is find software that suits all your requirements. There are several paid as well as free income tax software available online. The best all-in-one software for income tax are TDSMAN, LegalRaasta, RelyonSoft Saral TaxOffiiceand and GEN Income Tax.
Q7 - Free Open Source Income Tax Management Software.
The best income tax software in India completely depends on your requirements. What is best for you might not be the best for someone else. Therefore, you have to be very sure about the features you want in your tax return software. There is a variety of paid and free tax software available in the market. Apart from the best free income tax software, there are many advanced income tax solutions that are available to manage your taxes.