Income tax preparation and filing of returns have been the important tasks for the salaried and self-employed individuals. There are many legally binding and regulatory compliances that together make this task boring and tedious. Companies around the world have recognized this pain associated with filing of income tax returns and also about calculating the income tax liability of the employees. This has given rise to the innovation in both information technology and income tax sectors in the form of software development for preparation of income tax. The year 2015 has come across various options in income tax preparation software but the best professional tax software has always topped the list.
There are many features that together make any taxation software stand ahead of others. The tax payer and tax preparer can look for these features in the tax preparation software to get only the best for the individual or organizational use.
Automation is the future and it takes care of all the repetitive tasks well. The good software is the one that introduces automation in the taxation sector as well. The professional income tax software would carry out calculation of income tax and would also undertake preparing and filing of the income tax returns.
Advance tax calculation and preparation of challans would be carried out by all major automated software but the best software would offer many other features. The additional features include SMS and Email reminders for advanced tax planning.
Carrying out TDS calculation along with TDS certificate preparation. The good software would also file the quarterly TDS returns.
There are many other financial documents that need to be prepared along with the preparation income tax. The statement for profit and loss, balance sheet, and trading account are also prepared by income tax calculation software and in event of any surplus, the good software would also carry forward these funds further.
Tax returns and calculations begin with preparation of bills and invoices. Also, the businesses undergo audit in order to keep the check on the account and its credibility. The automated tax calculation software will be the ideal pick for preparation of bills and audit forms. You may check for this feature in the software you are selecting as the best software would be the one that carries out each and every task with equal efficiency.
Maintaining record of the documents presented at the time of tax filing is equally important. The advanced software would let you upload all the important documents and the tax return documents safely into the system. You can then refer or track these documents as required.
Check all of the above features in the income tax software you are planning to install on your accounting system as the software having all these features would probably be the best professional income tax preparation software for 2016.