Data Entry
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 ...
80CCG Deduction
What is 80CCG? Known as Rajiv Gandhi Equity Savings Scheme, it was in 2012-13 that 80CCG came into effect. The purpose of this tax-saving scheme was to encourage the first-time investors and strengthen investment force in securities market. Under ...
House Rent Allowance (HRA) Calculation
WHAT IS HRA ? House Rent Allowance or HRA is a part of the salary provided by an employer to his employee for his rented accommodation. It forms part of the salary paid by the employer to their employee. How is Exemption on HRA calculated ? ...
DEBT Mutual fund data entry Process
Regarding this You are requested to click on Help Button in Capital Gain Window. Excel sheet is opened with > Entries of Capital Gain in Different Groups with Different Cases. DEBT Mutual fund data entry is given below. Hope ...
How to Prepare Final Accounts in Partnership Firm
Process First Go to Final Accounts Tab. In this click on Create Business > Enter Business Name and Save. Now, Click on Create Partner Button on Left panel. Enter Partner Names and Profit Ratios. Now ...
Zen IT || How to Calculate Depreciation on Additions
How to Calculate Depreciation on Additions: Depreciation on Additions Depends on Asset Purchases During the Year Depreciation on additions depends on whether assets are purchased for 180 days or more in a year or less than 180 days. If the asset is ...
Income Tax || How to change the XML/Json file saving location?
Please note that you can change the location for saving XML/Json file while doing e-filing in Income Tax from - Tools Menu > Income Tax options > Point no.30 Here, you can select the desired location through Browse button. After that Save it. ...
Income Tax > Advance tax - How the value in "deposited" column is calculated.
Advance tax - How came value in "deposited" column Solution The value in "Deposited" column will come when you have prepared Challan for advance tax. Go to transactions >advance tax > challan Enter here installment wise advance tax challan detail ...
Income Tax || How to import salary details from TDS software
Solution: To import salary details in Income Tax module from TDS software you please go to Transactions > Salary Income option given in menu bar. Here, click on TDS Salary Import button and you will get the list of Deductors. Message appears - Just ...
How to Change status of Assessee in "Client Master"
Solution: Please note that once created Assessee status cannot be changed. If you wish to change the status then you have to create the client again with new status in "client master". This should help.
Income Tax || How to enter "No of Shares " In Directors Report
How to enter "No of Shares" In Directors Report: Solution: To enter the number of shares in the directors details, you must first fill in the 'share capital' details under 'formats': Step 1: Go into Transactions > Balance Sheet > Formats > Share ...
Error While Validation of Return || Date of incorporation is 01/01/0001
While validating return date of incorporation 01/01/0001 is not accepted by the software Solution: In the case of HUF's which are ancestral the Date of Incorporation which is accepted by the Income tax website is 01/01/0001 whereas the software ...
ZenIT || Where can we enter interest on PPF (if exempted)
Where can we enter interest on PPF (if exempted): Solution: Go to Transaction > Other Source Income > Exempt Income: Where we can enter Contribution towards PPF Account: Go to Transaction > Deduction > 80C: Hope this helps.
ZenIT || Previous year figures do not appear in the Balance Sheet and Profit & Loss statements
Previous year figures do not appear in the Balance Sheet and Profit & Loss statements To solve this problem, please follow the steps given below. First of all, you have to ensure that you have entered the data in the previous year. Go into ...
Income Tax || Section 54 Exemption for Capital Gain
SECTION 54 EXEMPTION FOR CAPITAL GAINS A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income ...
234C Interest calculation in case of senior citizen
234C Interest not coming in case of senior citizen where no business income. The advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with ...
Section 80TTA – All about Claiming Deduction on Interest
80 TTA eligible deduction Not Coming In computation Section 80TTA provides a Deduction in respect of interest on deposits in savings account. Where the gross total income of an assessee , being an individual or a Hindu undivided family, includes ...
Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)
Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA) Charitable Institutions which are registered under section 12A/12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While ...
Tax calculation on long-term capital gains as per section 112A
Tax Calculation on long-term capital gains as per section 112A Exemption for long-term capital gains arising from transfer of listed securities as referred to in Section 10(38) has been withdrawn by the Finance Act, 2018 w.e.f. Assessment Year ...
Income Tax || Return Filing 'Due date' of Partner of a firm whose required to be audited
Income Tax return Filling 'Due date' of Partner of a firm whose required to be audited: As per the Income Tax Act, Explanation 2 to Section 139, if a partner of a firm is required to have their accounts audited under Section 44AB or under any other ...
ZenIT || Financial Summery detail not Coming in the DIRECTORS Report
Financial Summery detail not Coming in the DIRECTORS Report Solution: The Financial Summary in the Director's Report comes from the trial balance, so it is mandatory to fill in the trail balance to prepare director report Step 1: Go to Transaction > ...
Standard Deduction not showing in relief calculation u/s 89 (1) in a/y 2021-22
Deduction not showing in relief calculation u/s 89 (1) in a/y 2021-22 Possible Regulation As per new tax regime (section -115bac ) from AY 2021-22 the total income of the individual or Hindu undivided family shall be computed,— (i) without any ...
How to select SECTION 139(5)
Reason: If the Return is to be submitted as a Revision, the selection of Section 139(5) is to be selected. Procedure to be followed: To file a revised return in Income Tax firstly go to the Transactions >> Filing Information >> Filing Status in menu ...
How to File Belated Return or SECTION 139(4) BELATED RETURNS
Reason: If the Return is to be submitted after the Due date, the selection of Section 139(4) is to be selected. Procedure to be followed: Go into Transactions >> Filling information >> Filling Status, Select 139 and Select Return Type as Original and ...
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