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Saral IncomeTax 8.00 version

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

Income Tax

Enhancements::

  • Budget changes for A.Y. 2013-14 incorporated.
    1. 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.
    2. 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).
    3. Business/Profession
      • 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
    4. Capital Gain
      • 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.
    5. Other Source
      • 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.
  • 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)

    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
    • Filing type: Original/Revised
    • In case of Revised, Original ack. no. and date
  • 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.

    [In case there is only presumptive income and is <= tax audit limit of respective A.Y., it is excluded]
    Above exclusion is now handled in e-Return warning and 'No. of Tax Audit Signed' report.

  • 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).

Billing

Enhancements:

  • 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:
    1. 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.
    2. For Exempted service - Exempted service classification has to be selected.
    3. For service mentioned in Negative list – Negative list classification has to be selected.
  • Receipt register – option is provided to see the additional info such as DD/ Cheque/ Credit card/ Debit card/ Transfer details.

Balance Sheet

Enhancements:

  • 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)
    1. CIN is captured & PAN is displayed.
    2. 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 >>

 
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