Data Entry
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, ...
XML Tally Data Import - Tally Prime
To import Trial Balance using XML Tally through Tally Prime, you are requested to please export the Trial Balance and List of account from Tally Prime application and then import the same in Zen IT Software. To Export Trial Balance using Tally Prime ...
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 ...
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 ...
Deprecation mismatch error
Deprecation mismatch error Deprecation as per General info -P&L not Match with the Deprecation separately consider Solution The deprecation shown in the profit and loss (general information bs/p&l) is should be equivalent which has ...
Interest payable by the Assessee for Defaults in Furnishing the Return of Income required by a Notice under Section 148 [Section 234A(3)]
Interest payable by the Assessee for Defaults in Furnishing the Return of Income required by a Notice under Section 148 [Section 234A(3)] The interest will be payable for the period commencing on the date immediately following the expiry of time ...
80 C deduction
In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, ...
Income Tax || Client is shown in "Edit Client" List but not shown in Client Master.
This issue occurs when you create a Client with the Status of "Company Other Than Domestic Company Or Government", and these Status are not according to the Income Tax Department. So to resolve the issue , please Create a New Client Master With the ...
Income Tax || Slab Rates for FY 2020-2021 (AY 2021-2022)
What is Income Tax? An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes ...
How to show Financial reports in horizontal and vertical view?
Solution: To show Financial reports in horizontal and vertical view, Go to Transaction > Auditor Information In first option Balance Sheet and P&L A/C > select View > Horizontal or Vertical. Once Selected, Click on Save Button. Now Generates report. ...
ZenIT || What is Marginal relief and how is its calculation done for incomes above 2 Crore
Marginal Relief calculation above 2 Crore: Marginal relief will be provided to certain taxpayers up to the amount of the difference between the excess tax payable (including surcharge) on the income above Rs. 50 lakhs, 1 crore, and 2 crores and the ...
ITR 7 - Where we can enter Deductions under section 57
ITR 7 - Where we can enter Deductions under section 57 The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely :— (i) in the case of 17[dividends, other than dividends ...
How to Carry forward TDS Amount?
Tax Details: The 'Tax Details' tab shows all the details of the tax deducted, collected, and deposited with the government against your Permanent Account Number (PAN). It usually contains details of tax deducted by your employer, banks, and ...
Computation error regarding Depreciable Asset mismatch
Computation error regarding Depreciable Asset mismatch Possible Resolution The capital gain shown in the deprecation chart is should be equivalent which has entered in the capital gains head (Depreciable Asset) Go into transaction → business and ...
ZenIT || How to Enter Speculative Business Income
How to Enter Speculative Business Income: A flow is being suggested for entering the information under Speculative Business. Information is required to be filled under the following sections: General Information > Profit & Loss Account Business & ...
Which schedule is to be filled for claiming exemption u/s 10(23)(C)(vi)?
Procedure to be followed for schedule is to be filled for claiming exemption u/s 10(23)(C)(vi)? Income to be disclosed in Schedule AI and/or Schedule VC For this Go to Transaction > Other Source Income 1. Other Donation is known as ...
Income Tax || Form 35 filing Process
What is Form 35? Provisions relating to the form of appeal to Commissioner (Appeals) are contained under rule 45 of the Income Tax Rules. As per the said rule 45, an appeal to the Commissioner of Income Tax (Appeals) needs to be made in Form No. 35. ...
Tax Audit || Applicability For Financial Year 2019-20 (Assessment Year 2020-21)
Tax Audit Applicability For Financial Year 2019-20 (Assessment Year 2020-21) Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover, or gross receipts, in business exceed ...
26AS Notice related concern
Error Description: The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads on income, as they are assessable in the year in which the credit for the TDS is being claimed. ...
File ITR-3 in the software for AY 2020-2021 Using Different Cases/Scenarios
There are three major scenarios while filing ITR-3 in the software : 1st Case: If the user has only one business, then he is required to provide the details of his profit and loss ration under the respective business head (Ordinary, Speculation or ...
Where we get the amount for Section 36 > Other Information > Point 6K
Solution: This information will import from Tax audit > Point no 20(b) > [Details of contributions received from employees for various funds as referred to in section 36(1)(va)] For fill the data in Tax Audit Go to Audit > Tax Audit > New 3CD W.E.F ...
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