TDS Returns are to be filed for tax deductions for both Salary, Non-Salary payments. Additionally TCS Returns also need to be filed. The frequency of filing is every three months. For preparing TDS / TCS Returns, one need to do their due diligence in identifying a suitable & dependable software.
Based on feedbacks from stakeholders in the area of TDS compliance, some of the important issues that were highlighted for selecting a software. These are briefly listed below:
§ The process of preparing Returns should be simple and usable by even non-experienced persons
§ Proper help is available by the software developer whenever required
§ Should be directly integrated to Income Tax websites
§ Facility for direct online filing of Returns apart from manual filing
§ Error detection in Returns so that it can be corrected before filing
§ PAN & Challan validation
§ Capable of preparing Correction Statements
§ Seamless download, printing & distribution of TDS Certificates
§ Should readily provide information for Tax Audit Report (Form 3CD)
Companies with large data volumes, have a lot of difficulty in terms of operational speed. Sometimes the process of import of data takes several hours. One needs to check-out the following:
§ Handling of bulk data and its reliability in terms of consistency and reliability
§ Speed of data import form CSV or Excel
§ Speed of import from TDS / Conso files
§ Generation of FVU file for return submission
Every financial year and even during the course of the year, the Income Tax Department keeps making changes in the TDS Rate / Rules and the associated processes. It is most important the the software keeps pace with the changes and the updates are received on time. This is one area many fail to deliver.
Serving for more than 16 years now, in comparison to most, TDSMAN stands out in terms of reliability, support and value for money. TDSMAN is available in multiple variants with multi-user options and is reasonably priced.