Income Tax Software Questions & Answers

The best software for automating tax processes varies depending on your specific needs, but some top options include TurboTax for individual tax filing, QuickBooks for small businesses, and Avalara for sales tax automation. These platforms offer comprehensive features that streamline the tax filing process, including automatic calculations, tax compliance checks, and integration with financial data.

The best software for filing income tax return are as follows:

• EasyOffice
• ClearTax Income Tax
• Saral IncomeTax
• GEN Genius

The best Office management software for income tax, GST, company registration, TDS and tax audit is EasyOffice. The platform also provides its users with functionalities like flowcharts drawing program, vector graphics, a databases editor and a math formula editing application.

The penalty for TDS late payments is Rs. 200 a penalty.

The TDS rate for NRIs on the sale of property is 20%.

The interest rate for GST late payment is 18%.

Tax accountants commonly use professional accounting software like QuickBooks, Xero, or Intuit ProConnect Tax Online to streamline tax preparation, filing, and financial management processes for their clients.

Rule 4 allows claiming unrealised rent when three conditions are:

• The premises are vacated.
• The defaulting tenant is not in occupation of any other property of the assessee.
• The individual responsible for payment has pursued legal proceedings to recover the rent.

If the validity of an e-way bill expires after 8 hours, a new e-way bill needs to be generated. Additionally, there is an option under the e-way bill to extend the validity period.

House Rent Allowance (HRA) is calculated based on factors like the actual rent paid, salary, and the city of residence. Actual HRA received 50% of salary for metro cities, or 40% for non-metro cities.