Data Entry
Zen IT || Exemption Claiming u/s 10 Amount Not Considered as Exemption in Computation in ITR 7
Exemption Claiming u/s 10 Amount Not Considered as Exemption in Computation in ITR 7 If the exemption under Section 10 is not being considered properly in ITR 7 for an AOP Trust registered under Section 10(23C)(iiiab), follow these steps to resolve ...
Zen IT || Process for Feeding Setoff and Brought Forward Losses
Process for Feeding Setoff and Brought Forward Losses: There are two options available for entering the brought forward losses in the software: Import from Previous Year Manually Enter the Amounts 1. Import from Previous Year: Step 1: Navigate to ...
Zen IT || How to Enter MSME Amount in Tax Audit
How to Enter MSME Amount in Tax Audit To enter the MSME (Micro, Small, and Medium Enterprises) amount in a Tax Audit report, follow these general steps: Step 1: Go to Audit >> Tax Audit >> New 3CD W.E.F 20/08/2018 >> Question No. 22 >> Enter The ...
Income Tax || Assessment Year Selection
The Assessment Year (AY) is the 12-month period that follows the Financial Year (FY). During this time, income earned in the Financial Year is assessed and taxed. Both FY and AY commence on 1st April and end on 31st March of the subsequent year. For ...
Zen IT || Claim Other Person TDS Amount as per Rule 5A/37BA (2)
How to Claim Another Person's TDS Amount as per Rule 5A/37BA(2) This process allows you to claim TDS (Tax Deducted at Source) credited to another person’s account as per Rule 5A/37BA(2). Follow these steps to claim the TDS: Step 1: Go to Transaction ...
Income Tax || Process of Filing Section 8 Company Return
Income Tax Return for Section 8 Company According to the Companies Act, 2013, a Section 8 company is one that operates with the primary objective of promoting education, arts, sports, commerce, social welfare, charity, research, religion, ...
Excel Import → Subscript Out of Range - Error in Excel Import
Root Cause of the Error: This issue primarily occurs when you import an Excel sheet and modify the formatting of the software's predefined Excel sheet. Solution: To resolve this issue, please follow these steps: Step 1: Open the Excel sheet that you ...
Zen IT || Transfer TDS to Another Person as per 5A/Rule 37BA (2)
How to Transfer TDS to Another Person’s as per 5A/Rule 37BA(2) This process enables you to transfer your TDS (Tax Deducted at Source) to another person's as per 5A/Rule 37BA(2). Please follow these steps: Step 1: Go to Transaction >> Tax Details: 1. ...
Income Tax || Process to File Form 3CEB Audit Report
Form 3CEB is a statutory form required under Section 92E of the Income Tax Act, 1961. It is a report certified by a Chartered Accountant (CA) and is mandatory for taxpayers who engage in: International Transactions: Transactions between associated ...
Income tax || Enable 80IAC Deduction Head for Company Status
Process to Enable the 80IAC Deduction Head for Company Status When Option Disable in the Deduction Tab Eligibility Criteria for 80IAC Deduction Incorporation Date: The startup must be incorporated or registered between April 1, 2016 and March 31, ...
Income Tax || Key Persons Details
How and Where to Fill Key Persons Details Completing the Key Persons Details is a straightforward process that can be done using manual entry or various import options. Follow these detailed steps to ensure accuracy: Option 1: Manual Entry Step 1: ...
Income Tax || Share Holding (Schedule SH-1)
How and Where to Fill Share Holding (Schedule SH-1) To complete the Share Holding (Schedule SH-1) section, follow the steps provided below. You can use Manual Entry, the Excel Import Process, or Import Data from Previous Year methods based on your ...
Income Tax || Old Name of the Organisation in ITR-6
Where to Show the Old Name of the Organisation in ITR-6 If there has been a change in the company’s name, the details of the Old Name of the Organisation must be furnished in the ITR-6 form. Follow the steps below to enter this information in the ...
Income Tax || Foreign Assets (Schedule FA)
How and Where to Fill Foreign Assets (Schedule FA) To accurately complete the Foreign Asset (Schedule FA) section, follow these detailed steps: Option 1: Manual Entry Step 1: Navigate to the Relevant Section Open the application or software. Go to ...
Business Profession → Depreciation Chart Import Process
The software offers multiple options to import the depreciation chart, making it easy to integrate data for accurate computation. Below is an explanation of each option: Import from Previous Year Import from Balance Sheet Import from Balance Sheet ...
Zen IT || Excel Import Process in Form 10BB
To efficiently import bulk data into Form 10BB using Excel, follow these steps: Step 1: Locate the Import Option On the left side of the form, find the "Particulars Annexures" section. Click on the option to Import Bulk Data using Excel. Step 2: ...
Zen IT || Process to File Form 10BB Audit Report
What is Form 10BB ? Form 10BB is a statement required to be furnished by charitable or religious trusts, educational institutions, or hospitals to claim exemption under Sections 10(23C)(iv), (v), (vi), or (via) of the Income Tax Act, 1961. It is ...
Zen IT || Enable 80PA Deduction Head for Company Status
Process to Enable the 80PA Deduction Head for Company Status When Not Visible in the Deduction Tab Applicability: Section 80PA of the Income Tax Act, 1961, allows a 100% deduction of profits and gains attributable to an eligible business of a ...
ITR-6 Computation alert → Provision for Current Tax in General Information dose not match with Income Tax Paid payable in MAT Addition Detail
Provision for deferred tax in General Information does not match with Deferred Tax in MAT Deduction details. This alert appears while generating the ITR-06 computation: Error message: Solution: Navigate to Transaction and click on the MAT/AMT option. ...
Zen IT || Guidance for Filing ITR-7 for Section 11 for AY 2024-2025
Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA) for AY 2024-2025 Trusts and charitable organizations registered under Section 12A/12AA can claim exemptions under Section 11 if specific conditions are met. This guide explains ...
Income Tax || Export and Import Capital Gain Data via Zerodha Excel Template
Steps to Export and Import Capital Gain Data via Zerodha Excel Template Exporting Capital Gain (Tax P&L) Data from Zerodha Step 1: Access the Tax P&L Section Log in to your Zerodha account. Click on the Reports tab. Step 2: Select Tax P&L Choose the ...
Tax Audit || How to round off depreciation amount In form 3CD point no 18
To round off the depreciation amount in Form 3CD (Point No. 18), you should follow these steps: Calculate Depreciation: Calculate the depreciation as per the applicable method (Straight Line Method or Written Down Value method) under the Income Tax ...
Income Tax || Form 10B/Form 10BB → JSON Import Process
To successfully import a 10B/10BB JSON file, please ensure that the master data for the specific client, classified as [Association of Persons (Trust)] status, is already present in the software. If the client does not yet exist, you will need to ...
Income Tax || How to Change the Tax Slab Rate for a Company
Tax Slabs for Domestic Company for AY 2024-25 1. Companies with Total Turnover or Gross Receipts during FY 2020-21 up to ₹400 Crores: Income Tax Rate: 25% 2. Companies Opting for Specific Tax Regimes: Section 115BA: Income Tax Rate: 25% Section ...
Income Tax || TDS Details
To enter TDS/TCS details in the software, please follow the process outlined below: Steps for Manual Entry of TDS/TCS Details : Navigate to "Transactions → Tax Detail". By default, the TDS Details section is selected. If you're entering details ...
Income Tax || Self Assessment tax
Self Assessment Tax → Upon filing your income tax return, any TDS (Tax Deducted at Source) or advance tax paid during the financial year is offset against your total tax liability. If a balance remains due after this, it is classified as ...
Income Tax || Advance Tax
Advance Tax Summary → Advance tax is the payment of income tax in installments throughout the financial year based on an estimated income. Rather than a lump sum payment at the end of the year, taxpayers are required to remit their tax liabilities ...
TAX Audit || Process of removing default check mark from disabaled annexures in form 3cd like point no.21(e),21(f),21(i),22
Root Cause of the Error : This issue typically occurs after importing the JSON file or import the data from the previous year. Solution : To resolve the issue, please follow these steps: Navigate to the 'Form 3CD' section. Select the 'Clear Grey ...
Tax Audit || Import Tax Audit Report from Previous year - SYNTAX ERROR
Root Cause of the error → The error is triggered when the client inputs special characters, such as an aapostrophe (') sign or backward slash (\) sign, while entering data in the previous year's records. Solution → To resolve this issue, the data ...
Income Tax || How to Feed Deduction u/s 80P
How to Enter Deduction u/s 80P : Section 80P of the Income Tax Act, 1961, provides deductions to cooperative societies in India. It allows certain cooperative societies to claim a deduction on their income from various activities, promoting the ...
Zen IT || Bank Details → Account number has already entered for refund purpose
This message appears when you attempt to add an account number that has already been designated as the Primary Bank Account. The system detects that the same account number is already in use and prevents duplicate entries. If you wish to update the ...
Income Tax || Trial balance Import through Excel Template
How to Import Trial Balance Through Excel Template: Preparing a trial balance through Excel involves organizing your financial data to ensure that all debits and credits balance. Here's a step-by-step guide to creating a trial balance in Excel: Step ...
Income Tax || How to change Tax Slab in AOP
What is the Tax Rate in AOP's The tax slabs for an Association of Persons (AOP) or Body of Individuals (BOI) under Indian tax laws depend on the type of AOP/BOI and the nature of income. Here's a breakdown: 1. Normal AOP/BOI If the AOP/BOI is taxed ...
Income Tax || How to Fill Pass Through Income (PTI)
What is Pass Through Income (SECTION 115UA & 115UB): Pass Through Income under Sections 115UA and 115UB of the Indian Income Tax Act pertains to the taxation of income earned through certain investment vehicles, such as Real Estate Investment Trusts ...
Income Tax || Form 26AS DOWNLOAD and IMPORT TEXT FILE PROCESS
Process for Downloading Form 26AS: Visit the Income Tax website: Income Tax e-filing portal. Log in using your credentials. Go to e-File → Income Tax Returns → View Form 26AS. Click on the Confirm button. You will be redirected to the TRACES portal. ...
Income Tax || How to Prepare ITR-1
ITR-1 (Sahaj) is an income tax return form used by individual taxpayers in India. It is one of the simplest forms and is meant for people with straightforward income sources. Here's a detailed overview: Who Should File ITR-1? ITR-1 is suitable for ...
Income Tax || How to Feed Clubbing (Minor/Spouse) Income
What is Clubbing (Minor) Income: Clubbing of minor's income refers to the inclusion of a minor child's income with the income of the parent, as per the provisions of the Indian Income Tax Act. This is done to ensure that the income of the minor is ...
Income Tax || Capital Gain Excel Import → Syntax Error
Root Cause of the Error → The error occurs when a client enters a special character (') in the Capital Gain Excel template. Solution → Open the Capital Gain Excel template intended for import into the software. Identify and remove any instances of ...
Income Tax || Tax Audit → JSON Import Process
To successfully import a Tax Audit XML/JSON file, please ensure that the master data for the specific client is already available in the software. If the client is not yet available, you will need to create the client master for that particular ...
Income Tax || Auditor Information
Navigate to "Transactions" → "Auditor Information". Enter Tax Audit Information: Financial Statement and Audit Report: Choose the format for Balance Sheet and Profit & Loss account (Vertical or Horizontal). Specify whether Tax Audit under section ...
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