GST has placed a significant load on Chartered Accountants as well as corporate organizations due to the numerous compliances that it comprises. Fortunately, chartered accountants are working with tax-related software rather than performing tax duties manually.
Most chartered accountants prefer to use specific software for their jobs. It simply saves time and reduces human errors to the bare minimum. Income tax, advance tax, TDS, wealth tax, and other taxes can be calculated properly through GST software and income tax software.
Working with this software lowers the possibility of error and makes sure that the results are accurate. All client-related information is retained within the software. You do not have to enter the information each time, and you may access the data anytime you need them.
What Is Income Tax Software ?
Income tax computation software is a computer software that assists in calculating taxes for any business in simple stages. This software solution calculates TDS for multiple companies while avoiding mistakes and helps avoids fine by providing reminders, and you may file your ITR and TDS returns on time.
7 Best Income Tax Software for GST return Filing in India
1. Clear Tax
ClearTax GST Software is a cloud-based GST software designed for businesses and accounting firms. The software provides an end-to-end GST administration solution for all your business transactions. ClearTax GST billing software includes several services, such as a reconciliation system, billing, vendor compliance, a validation engine, and more.
ClearTax software can be integrated with a wide range of ERP and accounting applications, allowing for one-click data transfer. ClearTax also assists with ITR filing, tax computation, rent receipt generation, eWay bill generation, IT return filing, HRA calculation, form-16, and TDS calculation.
This software allows organisations with multiple revenue sources to handle their separate GSTINs. Businesses with a wide range of suppliers or distributors can keep track of vendor GST filings to ensure successful compliance. Further, admins can create several user accounts using ClearTax GST billing software
2. TaxAdda
In this software, GST and income tax tasks are preset features. You can create tasks for multiple clients at once. When establishing a task, the system also takes into account the registration and cancellation dates. Tax practitioners can use this practice management system to manage their teams, data, tasks, team communication, and more.
The application is intelligent enough to determine whether or not a return is required to be filed. GST return tasks cannot be recorded as completed until they have been validated by the GSTN system. Mark priority tasks with a star, leave comments on tasks, monitor task activity, and search inside tasks. Get a detailed overview of jobs in the overview page and filter by status.
This software includes a tool that allows you to log in to the GST and income tax portals without having to type or copy/paste your username and password. Only on login pages is it possible to select a client from the top bar.
3. Saral Income Tax
With the help of this software, incomes are automatically computed for all companies along with the advanced tax estimation. An accurate and ready-to-use tax meter displays the total income and tax payable statistics in a single glance, encompassing all income categories. You can pay advance tax and conduct self-assessment of the tax online using its ePayment feature. With a single click, you can download the receipt of ITR-V, learn about the status of ITR e-Filing, and check the ITR-V status.
Saral Income Tax is a simple and complete assesses master with the ability to track work status and eReturn status in bulk. It also gives you a report on advanced computation and customizable MIS.
4. Saral TDS
Saral TDS is great software, assisting users at every stage of online TDS and income tax return filing. Saral TDS also ensures TDS compliance upgrades. Individuals can rely on TDS return filing software to download Forms 24Q, 26Q, 27Q, 27EQ, 16, and 16A, calculate TDS deducted, execute adjustments in returns, and verify PAN, TAN, and challan online.
The software ensures easier, more precise, and faster TDS return and is widely acknowledged by CAs and accounting professionals.
5. TDSMAN
TDSMAN is a cutting-edge GST software solution that enables businesses to keep up with income tax regulations. TDSMAN is a powerful and customizable software that helps manage all types of forms – Form 24Q, Form 26Q, Form 27Q, and Form 27EQ – in accordance with the latest ITR guidelines.
TDSMAN assists in the preparation of TDS return, and the correction of previously filed returns regardless of the software used to submit the return. It also helps in the generation of different reports and certifications.
6. Winman Software
This software is a collection of several software applications such as income tax software, balance sheet software, audit report software, and so on. The software is ranked as the “best income tax software” for Chartered Accountants since it was designed expressly to revolutionise income tax calculation, tax return preparation, tax filing procedures, balance sheet creation, and other CA office operations in India.
The software has a plethora of user-friendly online tools and intriguing features. After completing the e-filing of each return, the ITR V is automatically downloaded, extracted from the zip file, and stored. There is no need to wait for emails to find out the e-return processing status of any company. With a single click, the e-return processing status will be downloaded and reported in excel. The software also allows for the import of data from Form 26AS, import of notification emails, and many more.
7. CompuTax
CompuTax software is an effective solution for producing income tax returns and submitting them to the official website. CompuTax software comes in handy while preparing and filing income tax returns. It helps in handling TDS, ROC, service tax, and financial XBRL. It also helps create profit and loss statements, balance sheets in accordance with new Schedule VI, statutory compliance rules, previous tax audit reports, and more.
Conclusion
The best GST and income tax software saves time and reduces human error to the bare minimum. Income tax, advance tax, TDS, wealth tax, and other taxes can be calculated properly. Working with the best income tax return filing software lowers the possibility of human mistakes and ensures that the results obtained are correct.
