Version 8.00 of Saral Income Tax software has been released on 11th March 2013. The release notes are provided here for the reference.
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Release Note for Saral IncomeTax
- Budget changes for A.Y. 2013-14 incorporated.
- Alternate Minimum Tax (AMT) provisions applicable to all persons, other than companies, claiming profit linked deductions -Chapter VIA (part-C - Deductions in respect of certain incomes).
All Individuals, HUF’s, APO’s, BOI’s, having Adjusted Total Income Upto Rs.20 Lakhs, would NOT be liable to pay AMT.
- Interest U/s 234B & 234C not applicable to senior citizens (aged 60years and above) resident in India not having Business/Profession income (applicable to ITR1 and ITR2).
- New section added
- 35CCC - "Agriculture extension project expense" – deduction equal to 150% is allowed.
- 35CCD - "Skill development project expense" – deduction equal to 150% is allowed.
- Turnover limit for compulsory audit raised
- For Business – raised to Rs. 1Crore from Rs. 60lakhs
- For Profession - raised to Rs. 25lakhs from Rs. 15lakhs
- Section 54B exemption now extended to HUF
- New section 54GB - Exemption of Long term Capital Gain Tax to an Individual or HUF on transfer of residential property (a house or a plot of land).
- Income tax on LTCG (in the case of a non resident (not being a company) or a foreign company) from the transfer of a capital asset (being unlisted securities) is taxable at the rate of 10% without giving effect on the first and second proviso to section 48.
Presumptive Business (44AE) for ITR4s multiple entries provided to capture varied months of usage of vehicles.
Detailed data is captured in Business/Profession related to ‘Regular book of accounts not maintained’ (including details which are needed in ITR)
- Section 115BBA
- This section is extended to an entertainer, who is not a citizen of India and is a non-resident regarding any income received or receivable from his performance in India.
- The tax rate applicable is increased from 10% to 20%
- New Section 115BBE: Income of the nature as referred in section 68, 69, 69A, 69B, 69C, 69D are taxable at flat rate of 30% and no allowance of any expense/exemption limit shall be permitted.
NOTE: As there is major change done related to this point, wherever presumptive income data is entered user has to go to respective (44AD & 44AE) screen and save the data once.
Presumptive Income (44AD & 44AE) screen is now available in "…" button next to "Net Profit before Tax (Regular book of accounts not maintained)"
Computation report/Form 16 is provided in PDF.
In Computation report following details are included
Income from specified business is handled for only ITR case.
MICR Code is updated as on 30th September 2012 and a link is provided to RBI website, where MICR code details are available.
A CA can sign a maximum of 45 Tax Audit reports in a financial year, which excludes the tax audits conducted U/s 44AD and 44AE of the Income Tax Act.
- Filing type: Original/Revised
- In case of Revised, Original ack. no. and date
[In case there is only presumptive income and is <= tax audit limit of respective A.Y., it is excluded]
Gold and Silver rates are updated.
In Blank forms – search/filter is enhanced.
Excel import is supported for Excel 2007 (.xlsx) format in ITR (Profit & Loss account, Balance sheet, Other Information and Capital Gain).
Above exclusion is now handled in e-Return warning and 'No. of Tax Audit Signed' report.
- Billing is updated with Negative list changes i.e. any service that is not mentioned in negative list is taxable service. (applicable from 01st July 2012). Changes in service master:
Receipt register – option is provided to see the additional info such as DD/ Cheque/ Credit card/ Debit card/ Transfer details.
- For Taxable service
- If service is a declared service, user has to tick “Declared Service” option and select appropriate services from the declared service list.
- Incase abatement is applicable; user has to tick “Apply Abatement” option and select appropriate abatement from the available abatement list.
- For Exempted service - Exempted service classification has to be selected.
- For service mentioned in Negative list – Negative list classification has to be selected.
- For Companies for F.Y. 2011-12 - Export to audit report provided in 3CD ratio screen.
- For Partnership firm – caption for 'Income Tax' menu modified to '‘IT & Appropriation'
- Excel import is supported for Excel 2007 (.xlsx) format.
- Assessee details screen (for companies)
- CIN is captured & PAN is displayed.
- In Signatory details
- Director’s details – DIN and PAN is captured.
- Auditor details – Firm Name and Reg. No. is displayed
Details of Version7.11 is available here >>