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Saral e-IT (Software for IT Return eFiling as per Income Tax India DepartmentFormat)

Filing of Income Tax Returns is a legal obligation of every person whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T. Act, 1961. Income Tax department has introduced a convenient way to file these returns online using the internet. The process of electronically filing the Income Tax returns is e-filing of returns.

Department of Income Tax has been taking important steps to computerize various Returns being filed with them. TDS was the beginning and now, they have introduced electronic filing for Annual Income Tax Returns that are required to be filed.

The Department has a plan to introduce eReturn for all the forms namely, Form 1, 2, 3, 2C, 2F, 3A, 16AA AND 2D. However, keeping in mind the enormity of changes and also to make it readily acceptable to the Assessees, Form 1 has to be to be compulsorily filed in the electronic format for the Assessment Year 2006-07. The methodology for efiling and its concept will be discussed elsewhere, but it is suffice to say that the change in the methodology has far reaching effects. The previously used Form 1 has undergone changes to be in sync with electronic format.

The contents of Form 1 can be broadly classified under the following heads:

Part A
General Information
BALANCE SHEET
PROFIT AND LOSS ACCOUNT
OTHER INFORMATION

PART-B
COMPUTATION OF INCOME AND TAX THEREON

PART C
COMPUTATION OF FRINGE BENEFITS AND TAX THEREON

Schedules

Schedule - 1	Computation of income from business or profession
Schedule - 2	Capital gains
Schedule - 3	Depreciation as per Income-tax Act,1961
Schedule - 4	Income from House Property
Schedule - 5	Income from other sources
Schedule - 6	Total income after set off of current year's losses under section 71
Schedule - 7	Statement of set off of unabsorbed losses and allowances brought forward from earlier years
Schedule - 8	Statement of losses and allowances brought forward from preceding assessment years  and carried forward
Schedule - 9	Deductions under sections 10A/10AA/10B/10BA
Schedule - 10	Deductions under Chapter VIA
Schedule - 11	Income for rate purposes
schedule - 12	Income included in 1,3,4,5 -chargeable to tax at special rates
Schedule - 13	Income not included in total income (exempt incomes)
Schedule - 14	Rebate under section 88E
Schedule - 15	Tax payable under section 115JB
Schedule - 16	Tax and interest on distributed profits of domestic companies
Schedule - 17	Value of fringe benefits
Schedule - 18	Particulars of Bank Account (Mandatory in Refund cases)
Schedule - 19	Advance Income-tax
Schedule  - 20	Income-tax on self-assessment
Schedule  - 21	Dividend Distribution Tax
Schedule - 22	Advance fringe benefit tax
Schedule - 23	Fringe Benefit Tax paid on self-assessment
Schedule - 24	Details of tax deducted at source on income
Schedule - 25	Details of tax collected at source

To overcome this need, Relyon Softech Ltd has come out with an excellent product

Saral eIT – Simplifying Electronic IT Returns

which not only accepts the data and converts, but also generates the necessary reports and produces the result in an XML format – which can be easily uploaded in the web in 10 easy steps.

Saral eIT has been designed keeping in mind the practical problems that arise while filling the Form 1.
Any CA or his staff will go through the following sequence while filling up the Form 1

1. He has to obtain all the information from the Assessee that requires to be filled up in terms of General information, Balance Sheet, P&L Account, income details, exemptions details and host of other information.
2. He rarely gets all the required information in a single shot. The information will come in installments and even entry will be done in installments for want of time etc.,
3. He will need to ensure the there are no missing information that would result in incomplete XML being generated.
4. Invariably he will be running against time

Saral eIT is a simple but an effective e-Return package for today's needs. With Saral eIT, the complicated function of filing e-return looks much easier.

10 easy steps : e-Return with Saral eIT:

10 easy steps in brief, to file electronic Form 1 by using Saral eIT:

Step 1	Install Saral eIT software
Step 2	Create New file and Assessees in Saral eIT
Step 3	Select the form in entry screen, fill the complete form, click e-return and validate.
Step 4	Save the generated XML file in desktop.
Step 5	Log on to http://incometaxindiaefiling.gov.in
Step 6	Register yourself by providing your PAN details (only for the first time)
Step 7	Again log on by using unique user ID and password. Click on upload returns
Step 8	Select the browse button and locate the XML file. Click on “upload” to file the same successfully
Step 9	Note the Acknowledgement Number which is generated online after uploading the Returns
Step 10	Quote this acknowledgement no in hardcopy returns which is again available in Saral eIT and file the same in your nearest Post office.(If digital signature is not available)