beginners level n

Head Office:

SINEWAVE COMPUTER SERVICES PVT. LTD.

T-22, 3rd Floor Super Mall, Salunke Vihar Road, Wanowrie, Pune 411 040.

Taxbase

Beginners Level

Sinewave Computer Services Pvt. Ltd. Taxbase, 12/30/14

TaxbaseLAN” is the best solution for Chartered Accountants, Tax Consultants for Tax computation needs. You can instantly compute the taxable income and taxes there on for your respective clients. Thus, relieving you from the day-to-day manual working of tax computations, preparing returns and checking the computation sheet & tax returns and filling up.

This tool in your office will keep you updated on tax law changes towards tax computations and will provide you most accurate tax computations along with extremely presentable outputs for preparing return of income. Further, you would be able to use your time more effectively in handling more number of clients.

Moreover, you will be informed of regularly released latest version of the software through alerts which will be shown on software screen. Such upgrades can downloaded from our site www.sinewave.co.in TaxbaseLAN User’s Guide introduces you to the TaxbaseLAN features and helps you install TaxbaseLAN so that you are ready to use the software effectively. Once you are started, the context-sensitive help is accessible from within TaxbaseLAN to explain features and guide you on the various concepts and functions.

Sinewave Computer Services Pvt. Ltd., provides online support to its product users. We have a team for supporting queries or difficulties faced by customer. TaxbaseLAN is provided with free web and e-mail support and access to updates and new releases for a specified period of time.

About Taxbase :


Group Definition :

This screen facilitates entry of the group information viz. group name, address, city, pin, telephone no, email ID, etc. You can use this option to categorize your assessees in a particular group.

Further, group passwords are provided, hence user can access a group data only with passwords.

If the Address fields are not enough for the user he can select the button in the left corner to add five line address .


Assessee Creation :

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Credit Card and Bank details may be entered as per required. You may delete any taxpayer with option of deletion of data for specified

assessment year or throughout the system. Short name is provided for addressing taxpayer through SMS system. Area Code, AO type, Range Code & AO no, File No. are provided for e-

filing.

Select Master Data->Static Information option to enter Assessee information.

Assessee-First, Middle and Last name, Pan, Sex, office, Residential & Filing address, Assessing Officer, father name, mobile number, email ID would be entered on the screen.

Ward may be selected from existing defined wards or a new one may be created.

Date of birth along with anniversary date for individuals may be entered.

Areas Applicable allows the user to select the areas applicable from the given list which is used in Master File List & to Send SMS.


Income Details Screen

This screen enables you to enter income in any selected chapter along with provisions therein of that chapter.

Upon exit from any chapter, total income along with taxes along with interest (if applicable) would be computed and displayed.

You may print computation sheet and return of income from here, both options of printing that is, windows graphical print and conventional and fast dot matrix printing.

The Other Form Data enter the information pertaining to the return such as Due Date , Date and Place of Filing, the Signatory etc. for a particular selected assessee.

All returns of income are catered to specifically Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7


Salary Details Entry :

After clicking on the Salary Head you will get screen :

Enter Employer Details Enter Salary Details Enter HRA Details it will do Auto Computation of HRA Exemption U/s 10(13A) Enter perquisites then system will do Auto Perquisite Valuation Relief Computation U/S 89Exemption U/S 10 Professional Tax Deducted P.F. Deducted from SalaryTDS deducted on Salary At last it will show you Taxable Salary


House Property Income :

Covers all House Property Computations such as Let out, SOP and Deemed Let Out Property.

Auto computation of Section 24 Deductions Income Computation for Section 25A

unrealized Rent Received and Section 25B arrears of rent received.

Based on your percentage of share in the property it will show you income.

After entering house property incomes it will display you net income earned under House Property.

First give address of property Your share of percentage in the property Select type of your property whether let out,

SOP or deemed let out.


House Property Continue……

Let out Property : - Give Municipal Value or Fair Rent Value

Property Taxes paid by assessee

Interest if any paid.

Arrears Rent or Unrealized Rent

Let Out Property means Property Given on Rent to somebody. Self Occupied Property :- Give Only interest paid during the year on Loan

Any interest paid during the construction

Tick in the check box is condition is true

Based on tick it will calculate deductions

Net figure for this is always negative.

Self Occupied Property means self staying property. Deemed Let Out Property :- Give Municipal Value or Fair Rent Value

Property Taxes paid by assessee

Interest if any paid.

Options for Let out & Deemed Let Out are same.

Deemed Let Out Property means your property is ready to utilize but no one is utilizing it, it is vacant.


Business Summary - Balance Sheet Entry

When you are filing return against the business income you need to furnished balance sheet and profit loss statement for the year along with Income Tax Return. Our software has facility to enter this details, so that it will appear on respective return.

To enter this details you have to click on other details on Income details screen, then Balance Sheet option will be seen at the bottom. If you click on this option you will actual option to enter details of profit loss and balance sheet.


Balance Sheet Entry Continue…… :

You will get below screen where you have to enter balance sheet details.

At the bottom you will see option as B/s & P/L not applicable with chick box tick, remove this tick then only you will be able to enter B/S & P/L.

After completion of Balance Sheet your both debit and credit figures should be tallied with each other there should not be any difference.


Profit and Loss Account :

You will get the screen where you have to enter Profit & Loss Account details.

At the bottom you will see option as B/s & P/L not applicable with chick box tick, remove this tick then only you will be able to enter B/S & P/L.

After completion of P/L your both debit and credit figures should be tallied with each other there should not be any difference.


Business / Profession

Separate Computation head for

Partnership Firm Normal Business and Profession LIC Commission Agent income Computation Partner’s Remuneration and Interest Other Business income Computations

Presumptive income Computation under Section 44 AD, 44AE, 44AF Etc.

Exports and STPI unit Exemption Computation

Automatic Depreciation Computation

Wide Coverage to all the Deductions and Additions heads under Allowable & disallowable expenses.


Business Summary :

This screen shows five different options of income from business.

Income from Firms :- This option is used to enter income from Partnership firm in which you are a partner LIC Commission Agent : - This option is used by only LIC agent who get’s commission on new registration or renewal of policies Other Business Income :- This option is used to enter other type of business income. Business / Profession :- This option is used to enter if you are having Income from your own business ( Proprietary Business ) Remuneration / Interest :- This option is used to calculate interest and remuneration payable to partners of partnership firm.Allowable Remuneration & Interest:-This option is used to allocate remuneration & Interest as per their sharing ratio.


Business / Profession Continue…… :

Income from Partnership Firm :

We are having facility to link partners with partnership firm so that Profit, Interest & Remuneration paid to partners is directly linked with there individual return.

Other way you can enter Name of the partnership firm PAN number of the firm Profit, Loss & Remuneration percentage Your capital Balance in the firm on the date Profit received from partnership firm Interest received from partnership firm. Remuneration received from partnership firm Expenses incurred Then you will get net firm Income


Business / Profession Continue…… :

From the above screen select Business / Profession Option :

Give name of businessClick on the green aero to pickup profit from profit & loss statement. Then click on details option to enter allowable & disallowable expenses In the allowable expenses you can able to enter depreciation Then tick in appropriate check boxesIn profit gains (1) option you can enter if you are running business u/s 44 In profit gains (2) option you can enter deduction received u/s 10 After all this you will get taxable income under head business and profession


Business / Profession Continue…..

Allowable/Disallowable :In order to make the entries relating to Allowable & Disallowable regarding this source of Income, Click on “Detail”& select the Allowable & Disallowable accordingly.

These items are those items that can be added or deducted from the Net profit & Loss.

If click on “Depreciation” button the depriciation chart & arrive at the amount allowable depriciation will appear .


Business / Profession Continue…..

Profit & Gains (1)

You can enter here Adjusted Amount of change in accounting & stock valuation method.

In profit gains (1) option you can enter if you are running business u/s 44.

Profit & Gains (2)

In profit gains (2) option you can enter deduction received u/s 10.


Capital Gains:

Capital Gains means the profit earned from the sale of property, i.e. your belongings or your assets. Based on periodicity it is known as long term or short term.

This option allows you to auto compute your capital gains.

It has two options as i) Summary & ii) Details.

In summary you have to calculate your Capital gain periodically, long term, short term, against shares or other, exemptions.

In details option all the above information system will calculate on its own, you don’t need to calculate anything.


Capital Gains:

To Enter Summary Capital Gains :-

Calculate Capital gain or Capital Loss manuallyByfercate it periodically based on Advance Tax DatesThen transfer it to Short term or Long term Again transfer it to shares or other than shares Security transaction tax paid or not Taxes paid @ 10% or 20% Any capital gain exempt u/s 54 ( Exempt for Tax Charge ) After entering all this details at the end you will get net Capital gain from Short Term and Long Term. While doing this system will never ask you for the type of asset, and once you select summary option you will not able to convert it to details option.


Capital Gains:

Shares with STT & Shares without STT :-

Enter Type of Assets.Date of Purchase. No’s, rate & value of purchase depends on type of assets. Date of Sale.Rate & value of sales depends on type of assets. It will display you capital gain transferred to Short or Long term on periodicity. Then system will ask you whether paid STT select appropriate answer. Then system will display you Index Acquisition Cost. Tax on transaction @ 10% or 20% is by system or by user option. If STT paid select appropriate exemption head.Then system will display you capital gain, like this you can go on till your entry finishes & at the end it will display you net capital gain.


In order to avail of the various exemptions applicable under Income from Capital Gains, click the mouse on the Exemption figure area. This will bring forward a pop-up screen which will show the exemptions applicable (depending on the type of asset sold). The Income-tax Act grants total/partial exemption of capital gains under sections 54, 54B, 54D, 54EC, 54ED, 54F, 54G and 54H. Exemptions under specified section is displayed and reduced from taxable Capital Gains.

Capital Gains:

Exemption : Residential Residential

Debentures


Capital Gains:

After entering your Capital Gains Details, you have to give the Breakup of your Capital Gains in the below screen.

Below to this screen there is a Auto Pickup button if you click on this button it will pick up Capital Gain or if you want to enter manually you can enter manual figures also.


This is also known as Interest Income

In this option you will be able to see the different options of F.D., Saving Bank, Bonds NSC, Kisan Vikas Patra, Post Office and so on.

In the same screen you will be able to see exempt income same way pension income and so on.

Other Sources :


This is the option from which you can enter your income received from other sources like, racing gambling, royalty, dividend and other

for this type of special income entry you have to select section code It will display you description of the code Enter income received against that head System will display you percentage of tax applicable to that income At last it will display you tax charged on that income head this will transfer to main Income Details screen.

Other Special Income :


Speculation Income:

Through this option You can enter the Profit and Losses derived from Speculation Business.

You can Also Addition / Deduction for Adjustment in accordance with Ss. 28 to 44 AD, if any then enter the amount.You can tick whether you want do not want to include speculation profit/loss in normal business income.


Exempt Income :

To access the screen select menu Income Tax – Income Details – Exempt :

Income Claimed Exempt u/s 10

Minor Income Deduction u/s 10(32)

Income Claimed Exempt u/s 10(33), 10(34) and 10(35)

Agricultural Income Any rent or revenue derived from land which

is situated in India and is used for agricultural

purposes. Any income derived from such land by

agricultural operations including processing of the agricultural product,raised or received as rent in kind so as to render it fit for the market or sale of such produce.

Income attributable to a farm house subject to certain conditions.


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Brought Forward Losses Adjustment…

Auto Set off of losses

Auto Brought forward of losses from previous year Transfer of Data to relevant ITR. Auto Set off of losses.

Warns or restricts set off of losses across different chapters of income.

Auto linking to various ITR’s


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Brought Forward Losses Adjustment……

This is the option through which you can auto carry forward previous years losses. Through this you can adjust this previous years losses with current years profit with respective heads. This option also do Auto Setoff of losses.

After doing setoff of losses it Transfer’s respective Data to relevant ITR’s.

System warns set off of losses with different heads of income.

This option is working as per Income Tax Rules.


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Investment U/S 80 C / Chapter VIA….

Cover all the Applicable Chapter VIA Deductions

Covers all the Deduction applicable for relevant assessment year and assessee type

Correlation to other chapters for computation of computations of 80G, 80GGA etc.

It Covers Deductions from Section 80 C to Section 80 U

Auto linking to ITR 1- 8.


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TDS & TCS :

To Access this screen select Income Tax- Income Details- select TDS & TCS.

Enter the respective amount as Name TAN, Total TDS & TDS claimed.


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Advance Tax

Advance tax means the Tax paid in Advance against liability of next Assesment Year for the income earning during current financial year.

This advance tax percentages and installments are pre declare by I.T. Department as under :-

For Corporate For IndividualOn or before 15th June 15% This installment is not applicableOn or before 15th September 30% On or before 15th September 30%On or before 15th December 30% On or before 15th December 30%On or before 15th March 25% On of before 15th March 40%

This advance tax is not compulsory for all the income tax payers, it is a conditional liability. This is applicable to those assessees who’s tax liability is after deduction of TDS, TCS is greater than Rs. 5,000/- they have to pay this tax.


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Self Assessment Tax

This is an option through which you can pay balance payment of tax which is pending after deduction of TDS, Relief U/S 89/90, Advance Tax & then adding interest U/s 234A, B & C.

Through S. A. Tax challan you have to clear o/s liability of tax before filing return to IT Dept Enter date of payment always in A. Y. Enter amount of payment Enter Name of Bank & Branch through which you have removed cheque .Enter Cheque No & Date Enter Bank name in which cheque deposited with date Enter BSR Code (7) & Challan Sr. No. (5) digitSave entry & click on Print for challan printClick on Online option for online payment


This screen enables you to enter the information pertaining to the return such as Due Date , Date and Place of Filing, the Signatory etc. for a particular selected assessee.

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Other Form Data

To access the screen select menu Income Tax->Income Details -> click Other Form Data ButtonNote - Status 7, 8, and 11 are applicable as well as 'Section 11 Applicable' option are ticked then "ITR-7 Details" button will be activate.


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Other Form Data …..

Click on Balance Sheet button to enter the details. (Please refer Business Page) General Information –I

To access the screen select menu Income Tax ->Income Details -> click Other Form Data Button -> click General Information Button.

Import From Excel & Export To Excel options are provided in General information I & II. To copy all Data Available in 'Form 3CD' just click on button "Copy form 3CD data".

General Information - II To access the screen select menu Income Tax ->Income Details -> click Other Form Data Button -> click General Information Button.


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Printing Computation sheet

. To access this computation sheet - Income details - click on the Computation Sheet.

you will see the following screen of Computation sheet ..

you can print this return ,DMP Or mail this in word .Export this return in form of word . And can save this return in Doc. mgmt .


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Printing ITR

After clearing your balance dues your return is ready to file with I. T. Department.Click on Return of Income. Different I. T. Returns forms will display Select appropriate form number & print It will display return on the screen On left hand side bottom there is print option, click on that and take print out.


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Printing ITR ….


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Return E-Filing Procedure :

E-filing of return means filing of income tax return to I. T. Department with the help of internet from anywhere to avoid long que’s or time problem

If you want to do e-filing of return then you have to click on the e-file button provided at the bottom of screen in print display mode

Give file name by which you want to store Click on saveSystem will generate file with the name given at a specified location with .XML extension


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Return E-Filing Procedure… :

After checking for errors, If errors found it will display screen like this, we have to clear that errors from the system itself Again do the same procedure. Now you will get message as file validation process successful Now your file is ready for uploading on the I.T. Site through internet

How to upload file on website we will see from the next slide


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Return Uploading :

For uploading return on the Income Tax website you have to access that website through Internet Website link is https://incometaxindiaefiling.gov.inOn this page you have to log in if you are already user otherwise register Registration to this site is PAN number based Then go to submit return option Select assessment year Select appropriate assessment year You get another screen


Return Uploading…. :

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On this page system will display your information like PAN, A.Y. Then prompt you to select the name of form i.e. I.T. R. numberThen prompt you to sign return with digital signatureIf you say “Yes” then ask you for the format of digital signature Click on the next Then you will get screen where you have to attached XML file created. Click on upload this will submit your return to I.T. Dept You will get acknowledgement from I.T. Dept which you have to print and post to Bangalore I.T. Department This procedure is same for all I.T.R.’s


THANK YOU …….