Data Entry
Income Tax || How to Import Trial Balance from BUSY Software
Please export the Excel sheet using BUSY Software. Follow the steps below to export the BUSY Excel file: Export all the data successfully. Import the exported data into the Trial Balance. To import the data, navigate to Transactions → Balance sheet → ...
Reason & Solution for Intimation under Section 143(1) of the Income-tax Act
Intimation under Section 143(1) of the Income-tax Act Error discerption in Intimation "The gross receipts/income, on which tax has been deducted, are to be entered in the schedules under the respective heads of income, as they are assessable in the ...
Income Tax || Depreciation calculation as per Companies Act 2013
Depreciation Calculation as per companies act 2013: Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset or another amount substituted for the cost, less ...
ZenIT || How to enter Value in Schedule IE-1, IE-2, IE-3 and IE-4 Upto AY 2021-22
How to enter value in Schedule IE-1, IE-2, IE-3 and IE-4: In the case of ITR 7, Certain schedules to this return form are mandatorily required to be filled up by assessees who are claiming exemption under specific provisions, as per the following ...
Zen IT || How to enable Schedule Numbering in Financial reports
Solution: In case Schedule Numbering is not displayed in Schedule Print, Balance sheet and P&L Reports in Individual, HUF, BOI, AOP, Partnership firms, co-operative society and local authority. Go to Tools > Balance Sheet options > Form Options > ...
ZenIT || Calculation of Minimum Alternative Tax (MAT)
What is MAT: As companies avoided taxes using all possible rebates, the MAT was introduced. MAT is a provision in the IT Act to limit the exemptions and rebates availed by companies. With MAT, companies have to necessarily pay a minimum amount of tax ...
ZenIT || How to Calculate Tax on Agriculture Income
Calculating Tax on Agriculture Income Take the sum of the agricultural income and non-agricultural income. The Tax (A) should be computed on this amount. Example: The base tax slab varies according to changes in the Income Tax guidelines. Add the ...
ZenIT || Difference in Taxable Salary - (PART B- TI) and Salary as per Schedule TDS 1, kindly verify the same before uploading
Difference in Taxable Salary - (PART B- TI) and Salary as per Schedule TDS 1, kindly verify the same before uploading The issue arises during the generation of the XML/JSON file (e-File) Go To Forms >> Computation >> e-File: Solution: The Gross ...
ZenIT || Clarification on Interest under Section 234F
As per Section 234F of the Income Tax Act, taxpayers must pay interest for delay in filing ITR. In simple words, if the user fails to file his tax returns within the standard deadline, the user might end up paying up to INR 10,000 as interest. (1) ...
Income Tax || How to input foreign bank account details
The refund generated upon processing the income tax return is presently credited directly to taxpayers' bank accounts. It is mandatory to provide the details of the bank accounts where the refund is to be credited for direct processing. However, ...
ZenIT || Disallowed Partners Interest and Remuneration Process as per Section 40 in Part OI Point no 8A h
The process to enter disallowed partner’s interest and remuneration as per section 40 in Part OI Point no 8A h. “Amount of interest salary, bonus, commission or remuneration paid to any partner or member” According to section 40(b)(v), any payment of ...
Income Tax || How to Select Limited Liability Partnership (LLP) Status
Introduction: LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. A limited liability partnership (LLP) is a partnership in which some or all partners ...
Income Tax || Option for IndAS - BS and P&L in case IndAS is applicable on a company
In the assessment year 2018-19, the IT Department introduced a new schedule for the Balance sheet - IndAS and Profit & Loss - IndAS Account within the ITR - 6 form. Part A-BS(IndAS) and Part A-P&L(IndAS) are pertinent to companies that prepare their ...
ZenIT || Software not suggesting any ITR form in case of Individual
What to do when the Income Tax Software does not suggest any ITR form in the case of an Individual ? Income Tax Software has a feature that suggests the appropriate ITR to be submitted based on the details entered under specific income heads such as ...
Income Tax || Process to import XML/Json file
Process to import income tax return XML/Json file in Zen IT Auditor This feature allows the user to Import ITR XML/JSON files generated by Government Utility, KDK income Tax software or any other software. To import the XML file in Income Tax Auditor ...
ZenIT || Guidance Process for Notes of Accounts and Significant Accounting Policies in (Non-Company Cases)
How to prepare notes of accounts and significant accounting policies for non-company cases?: The disclosure of accounting policies is particularly important in situations where an organization chooses to adopt industry-standard policies. By adhering ...
Income tax || How to Import the Trial Balance directly from Tally and the ITR Balance Sheet And P&L A/c from the Trial
Importing Trial Balance directly from Tally: User can eliminate repetitive work by importing the trial balance from Tally directly and preparing financial reports like the balance sheet, profit and loss, trading account, etc. To import the trial ...
ZenIT || Presumptive Income - Software suggesting ITR-3 instead of ITR 4
Important Notes in case of Presumptive Income (44AD / 44AE / 44ADA) who cannot file ITR-4 Income from more than one house property, or Income from winning of lottery or income from Race horses, or Income taxable under section 115BBDA, or Income of ...
Zen IT || Process of data feeding in Schedule of Assets and Liabilities (Schedule AL)
What is Schedule Asset and Liabilities and when it is applicable? The Income Tax Department introduced Schedule AL from A.Y. 2016-17, which pertains to Assets and Liabilities (Schedule AL) in ITRs. This section is applicable when the total income ...