Now a days we wants ready data that makes our task easy and less time-consuming. Work in different organizations is done using different capable software. Even Tax Professionals are working using tax-related software instead of working manually.
Most of the Chartered Accountants prefer to use software for their work. It saves their time and manual efforts are reduced to a great extent. You can easily calculate income tax, advance tax, TDS, wealth tax, etc. The chances of human error are minimized and accurate results are ensured. The records of the clients are saved in the software. You do not need to add the details every time and you can access the records anytime for any requirement.
A CA or tax practitioner firm requires a good (GST return filing software), (income tax return filing software), (Tds / Tcs return filing software). Check out office management software by Professional Softec Pvt. Ltd. know as CompuTax and see how it can help in managing your practice and client in an efficient way.
There are many income tax software available in the market for Chartered Accountants and Tax Professionals. The selection can be done based on the work requirement so that it serves the purpose.
CompuTax is a very popular software among Chartered Accountants and Tax Professionals, It makes the preparation and filing of income tax returns very easy. You can even prepare Balance Sheets and Profit & Loss accounts as per revised schedule VI and various audit reports with the help of CompuTax. The following are the benefits that are provided by CompuTax Software:
The income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called as taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary according to the taxpayer and the type of income.
The tax rate may increase as taxable income increases. The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases. Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.
Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions.only net gain from sale of property, including goods held for sale, is included in income. Income of a corporation's shareholders usually includes distributions of profits from the corporation. Deductions typically include all income producing or business expenses including an allowance for recovery of costs of business assets. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions.
Most jurisdictions require self-assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers are not paying taxes on time are generally subject to significant penalties.