Income Tax Act of India provides many deductions, exemptions , various kinds of tax computation , time limitation for the tax payers and assessing officers, forms for application under different provisions . Therefore , both for tax payer and their counsels like chartered accountants and lawyers who practice tax , it is nightmarish experience to keep reminding themselves of important dates, provisions and forms.
Income Tax Ready Reckoner in a mobile device would be great help to all those who are practicing tax . So, the concept of creating such a tax app hovered in the mind of Prashant Thakur , who took early VRS from income tax department and started practicing through his website http://taxworry.com . . Following modules are included in the app
1. Fresh Tax Solution from http://taxworry.com
2. More than 12 tax calculators like HRA exemption,House Property Income calculator , perquisite exemption , Long Term capital gains,Gratuity exemption calculator , Tax Residency Calculator,Agriculture Land calculator, Leave encashment exemption, retrenchment compensation tax exemption etc.
3. Frequently asked question (FAQ) module on salary, house property,capital gains, business & profession,filing of return , withholding tax or TDS, appeal before CIT(A), Tribunal, High Court, AAR . These faqs are not just common question , but certain very typical questions on tax subjects.
4. Tax charts for quick reference to various rules, forms , time limitation. For example ,you will get time limitation under Income Tax Act, Share Price as on 01/04/1981,exemptions, deductions,Income Tax Authorities, Penalties under I.T.Act , Various Forms
5.The tax app has also big plan to help students who are pursuing Chartered Accountancy ,Company Secretary or Cost Management Accountancy course . So , they can brush up their knowledge through quizzes on various topics of direct tax paper. These quizzes are arranged topics based on the syllabus of these professional exams.
6. Video - The users can watch the video listed on youtube explaining various issues under Income Tax Act.
7. For general users , you can check the A.O code or get IFSC or MICR codes of various banks . You can do it all from this APP
8.Tax professionals who practice require to make calls to various tax authorities. So , a telephone directory in the app itself is helpful for them. Income Tax Ready Reckoner app has included easy searchable telephone directory of
9. The Tax Community module- a user of app can ask and answer to tax questions by clicking the Tax Community Forum link on the app.
10. The Tax Calendar is based on google app . So , you will never forget the important deadline or whether there is holiday on a particular day.
11. Income Tax Act , Income Tax Rule ebook . This will always be with you to read and refer teh provision of tax law.
12. The News for Tax Pros- The app has a module under Tools which provides segregated news - on India Top news, Business News, Stock Market News , Corporate law , irsofficersonline and RBI news. Each one is segregated .
Many more useful modules are going to be added .
Two new calculators addes:
1. Long term capital gains of shares under new Section 112A
2. GST calculator
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