Data Entry
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 enter rebate and relief u/s 90/91
How to enter rebate and relief u/s 90/91 in Software: Step 1: Go to Transaction >> Rebate & Relief: Step 2: Here 2 Option Available: 1. DTAA Income (Section 90 and 90A). 2. Other than DTAA Income (Section 91). 1. DTAA Income (Section 90 and 90A): (a) ...
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 ...
ZenIT || How to Fill Intraday and Speculative Business Income
What Is Intraday Trading: Shares bought and sold (long trades) or sold and bought (short trades) within a single trading day are known as intraday trading. The trader’s purpose in intraday trading is not to own the equity shares but to take advantage ...
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 ...
Income Tax || Consultant Information / CA Firm Information
To input Consultant Information or CA Firm Information, access the "Master" menu and select "Consultant Information" (or use Shift + F1). Click on "Add New" to create a new Consultant or CA Firm profile. Provide the following relevant details for the ...
Zen IT || AIS Import Process
What is the Annual Information Statement (AIS) ? The Annual Information Statement (AIS) serves as a comprehensive snapshot of a taxpayer's information as displayed in Form 26AS. Taxpayers are afforded the opportunity to furnish feedback regarding the ...
Zen IT || Business Income 44AE Data Feeding
Section 44AE Of Income Tax Act According to Section 44AE of the Income Tax Act, small businesses engaged in the business of plying, hiring, or leasing goods carriages, and who own up to ten goods carriage vehicles, have the option to adopt the ...
Zen IT || Excel Import → Type Mismatch, Error in excel import
Root Cause of the Error: The error stems from either erroneous data entry in the Excel sheet or alterations to the format of the specific Excel file. Solution → Validate Date Format: Verify that dates adhere strictly to the format "dd/MM/yyyy". ...
Income Tax || Import capital gain data via KDK Excel template
Step 1: Navigate to the Transaction section and select "Capital Gain". Step 2: Choose the special Excel sheet made for Capital Gain from the options. Step 3: Fill in all the info about your capital gains into the Excel sheet. Step 4: Click the button ...
Income Tax || Schedule TPSA
Schedule TPSA: Any information regarding taxation on secondary adjustments under Section 92CE (2A). To fill in details, follow these steps → STEP 1: Transaction → General Information/BS/P&L → Other Information 1. STEP 2: Check the box indicating ...
Income Tax || How to edit Client Master
Please adhere to the following instructions: Access the Client selection window by pressing "F8" Button or Master → Client Selection (Add, Edit, Delete). Select the specific client you intend to modify. Click on the "Edit" button. Upon receiving a ...
Income Tax || Client Master Creation
The initial phase in software involves establishing foundational components referred to as masters, encompassing entities such as Client PAN, Client Name, Date of Birth (DOB), Status, and more. Now, let's explore the step-by-step process for creating ...
Income Tax || How to Lock/Unlock the client Income Tax Data
To ensure the security and integrity of client income tax data, Zen IT offers a straightforward process to lock or unlock this information. Follow these steps: Navigate to the "Tools" menu. Select the option labeled "Lock Client Income Tax Data". ...
Income Tax || How to remove Unwanted Entries in Client Master - City
How to remove Unwanted Entries in Client Master - City Step 1: Open Client Master. Step 2: After selecting the particular incorrect entry, click on the DELETE button. Step 3: Now, Update the Client Master. Step 4: Re-select the Client from Client ...
Income Tax || Change Code
Please follow the instructions below: Note: The code number for the currently selected or active client cannot be changed. Access the Client Selection window by pressing the "F8" button or by navigating to Master → Client Selection (Add, Edit, ...
ZenIT || Trial Balance Import via Tally XML Files - Tally Prime
To import the trial balance using XML from Tally Prime, please export the Trial Balance and the List of Accounts from the Tally Prime application and then import them into the Zen IT software. To Export Trial Balance using Tally Prime Software, ...
Trial Balance import error - "Please unlock the Schedule before Importing Trial Balance
Trial Balance import error - "Please unlock the Schedule before Importing Trial Balance Possibile Solution - Step 1 - Go into Transactions >> Balance Sheet > Schedules Step 2 - Now unlock schedule If still problem persists then refreshassessment ...
80ccd(2) eligible amount is not reflecting in the Computation
80ccd(2) eligible amount is not reflecting in the Computation The Central Government or any other employer makes any contribution to his account referred to in that section, the assessee shall be allowed a deduction in the computation of his total ...
ZenIT || Depreciation chart (Businee and Profession) - data not importing through balance sheet (Formats)
Depreciation chart (Business & Profession Income) - data not imported through balance sheet (Formats): Possible Solution In the case of the company, if the depreciation chart is not being imported from the Balance sheet (formats), it may be because ...
"Cost of acquisition without indexation" in other assest not allowed
"Cost of acquisition without indexation" in other assest not allowed As per Guidelene of ITR Forms and Schema of thr Income Tax Department, "Cost of acquisition without indexation" in other assest not allowed. In case of any doubt, please refer to ...
Income Tax || Section 54F Exemption for Capital Gain
Section 54F Exemption for Capital Gain The provision of Section 54F provides an exemption on long-term capital gains arising from the transfer of certain capital assets, provided the gains are reinvested in a residential house. Here's a breakdown of ...
Register Digital Signature Certificate FAQ
Register Digital Signature Certificate FAQ Q1. What is DSC and why is it required? Digital Signature Certificate (DSC) is the electronic format of a physical or paper certificate. DSC serves as proof of identity of an individual or Organization for a ...
Income Tax || Slab for FY 2020-2021 (AY 2021-2022) in India
Income Tax Slab for Resident Individuals aged less than 60 Years(Both Male & Female) Budget 2020 has given the individuals options to choose from FY 2020-21 onwards. Either to opt for the same tax rates which were applicable in last year or the new ...
Section 115BAC
Section 115BAC Section 115BAC is the newly inserted section in the Income Tax Act, 1961 that deals with the new income tax regime. This section and alternate tax regime was introduced in Union Budget 2020 and is applicable to individuals and Hindu ...
Income Tax || Client Master - Not able to select country (Other than India)
At the time of Client Creation if the user address is out of India, You need to select State as - 'OVERSEAS', Now you have to select the Country. Once the State and Country has selected, save the record. Hope this helps.
How to Compare new Tax Regime v/s old tax Regime on Single Page?
To compare the new Tax Regime versus the old Tax Regime on a single page, please follow these steps: Fill in all necessary data under the respective income heads. Navigate to: Forms → Summary of Computation [Ctrl + F11] This section provides a ...
Income Tax || How to select New Tax Regime
Form 10IE To Select New Tax Regime In Budget 2020, taxpayers were given an option to choose between the old and new tax regime. Under the new tax regime, taxpayers have an option to pay lesser tax on the total income. That means taxpayers will not be ...
Trust return - AY 2015-16 - how to enter value in Amount applied to charitable or religious purposes in India during the previous year - capital account (11(1A))
Trust return - ay 2015-16 - how to enter value in Amount applied to charitable or religious purposes in India during the previous year - capital account (11(1A)) Solution Go into transactions → Trust Regd. U/s 12 → Point No 1 Select here Purpose of ...
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