What is Income Tax SoftwareIncome tax software is an application that assists at stages like income tax computation, ITR preparation, TDS and income tax e-filing. The process of using income tax software is very simple and user-friendly due to minimum key operations and single window computations. It also helps with data entry and income tax calculation of taxes. tax software facilitates easy preparation and generation of ITR forms in paper returns and e-returns by automatically filling the values from your sheets into ITR forms. The income tax software further provides various online tools and features.Income Tax Software is a comprehensive solution for Indian tax compliance which automates the process of ITR preparation, TDS returns and online filing in bulk.ITR Preparation Software (Filling Software) for AY 2020-21Here comes March, and ITR preparation software is going to be the best companion of start-ups, SMBs, and big enterprises alike. But do you know the basic steps to file ITR Let us help you with ITR preparation with these simple stepsCalculate your taxable incomeCollect TDS certificates for all four quarters and calculate your TDS amountChoose your ITR form to file ITR online or offlineGo to the income tax portal and download the ITR utility formFill in the details in the form and validate your detailsnbspAfter converting the file to XML format, submit it on the IT portalHow Income Tax Software Help Your TDS and ITR FillingThere are a lot of benefits of using taxationnbsptax software. nbspBe it automation, increase in efficiency or accuracy, bulk filing, or record management. Lets have a look at the benefits of income tax softwareAutomation SoftwarenbspAutomation is a major benefit of using tax software. It reduces manual efforts as it can automate taxation formalities starting from tax calculation to tax filing. An income tax computation software will help you in your accounting process for calculating income tax, advance tax, wealth tax and TDS (Tax Deduction at Source).AccuracynbspManual calculations always have the risk of going inaccurate. The Income Tax Preparation software will assure you of accurate results that can be trusted for your income tax filing purpose. This reduces manual labor, saves time, and reduces the chances of human error within your organization.e-Filling of ReturnsnbspA taxpayer, be it an individual or an organization, should follow a prescribed format in order to have undisputed accounts. The income tax return filing software will take care of all these pre-defined formalities after calculating the tax amount. Thus, you dont need to worry about any discrepancies.RecordsnbspTaxation requires you to maintain records so that you can get the required details any time without requiring you to dig deep into the paperwork. An income tax filing software generates and stores the documents in easily accessible folders so that you can always find the details whenever required.Real-Time TrackingnbspGet real-time tracking of all the processes related to income tax. You can control the complete workflow just by making a few clicks from your system with the best income tax software. You can view the real-time process status of every function with customized alerts, reducing hands-on time and enabling employees to focus on higher-priority tasks.Better EfficiencynbspIncome tax computation software helps increase the efficiency of every process related to tax management in your company. You will be able to retrieve data, eliminate data that is not required, generate invoices, upload digital signatures, and access archived data.Controlled WorkloadnbspWith automated software, you can save yourself from redundant tasks and focus only on the processes that actually need your attention.nbspYou can focus on priority tasks,nbspYou can manage priority tasks by viewing the real-time process status and receiving customized alerts which help in reducing hands-on time.AffordabilitynbspMost tax management software is affordable and has a variety of features that can be used for filing income tax returns and other functionalities.User-Friendly FeaturesnbspMost tax preparation software is easy-to-use and has an interface that can be managed by employees with limited technical expertise. There are demo training sessions available as well if you want to learn how you can make the most of taxationnbspsoftware in detail.Most Common Features Of Income Tax SoftwareOnline Income TaxnbspThis is also acknowledged cloud-based income tax software and it will help to access a dashboard to track financial details anywhere and anytime.Complete ITR Preparation SoftwarenbspThis is designed for automating the processes related to the online filing of income tax returns and preparation.Bulk ITR FilingnbspWith corporate income tax filling software, you can do Easy filing of income tax returns in bulk with support from E-Return Intermediary services.Tax MeternbspA professional income tax software has the feature of tax meter which gives a quick glance of numbers under different income categories. You can also check the interest payable with the help of income tax calculation software.Auto-Calculations of TaxesnbspComputation of income and exceptions for all categories can be calculated automatically with tax software.Auto-EstimationnbspEstimation of late payments, payment interests, late filing interest, and the fee for delayed filing can be done automatically with the help ofnbsptax software.Audit ReportnbspA federal income tax return filing software has a built-in module for creating audit reports using a facility for easy importing. You can also auto-transfer data from computation and ITR, and carry forward the relevant data for future use.Reporting OptionnbspWith income tax software, you can generate various reports like Audit, challan, MIS, and computation reports duly signed by the auditor. etc.Data ImportnbspYou can bulk data import from multiple sources such as XML, Excel, and other sources for filing income tax returnsnbspwith the help of income tax return filing software.Tax Details ImportnbspTax details paid in previous financial years can be extracted with the income tax software. You can get details like TDS, 26QB, 26QC from form 26AS.e-Filing ToolsnbspYou will get an e-return to submit a tool and an e-return error locator utility. With an income tax return filing software, you will also get to update your e-filing profile.Online Adhaar-PAN Linking ToolsnbspTools and utilities like e-challan, mass e-return processing status, and adhaar-PAN linking can also be done with the help of itr filing software. You can also download and import XML as well as other file formats from the IT website.E-ServicesnbspAn income tax filing software can guide you with e-payment, submission of payment details, message services, digitally signed e-invoice, and auto-registration on formatting and surrendering license.Miscellaneous FeaturesnbspIncome tax software includes features like billing, IT checker, and tax planner. An income tax return software can provide a comparison of the current years figures to any of the years in the past. You can also view the bank details like IFSC and BSR code.Add Digital SignaturenbspYou can upload your digital signature by using the digital signature utility feature for form 16 and form 16A.Integration with TRACES ITRnbspfiling software provides the online services utility feature which is fully integrated with TRACES (TDS Reconciliation, Analysis and Correction Enabling System).Top 10 Income Tax Software For ITR Calculation, TDS andnbspReturn FillingChartered TaxPro TDS Professional Best income tax return filing software in IndiaCleartax income tax software at a low pricenbspMonarch M-TDS (TDS Management)I-TAX Income Tax SoftwarenbspLegalRaasta - ITR SoftwareGEN Genius Income Tax SoftwareGen XBRLMonarch eAuditorSpectrum income tax software This provider offers a free download trial version for a limited period.Follow Steps Before Buying Income Tax Software onlineFinding the e tds software should be based on what your organization needs. Depending upon the type of features that you need, your choice of income tax software will change.Know What You needWhile choosing an income tax calculation software in India, you should know what kind of software do you want. If you are looking for an income tax return preparation software that has automated e-filling and a TDS module as well, you should look for specific options. If you want income tax software with just the basic features, you can opt for the basic versions available.Ease of UseMost income tax return software is easy to use, but make sure that you are able to understand and operate the software easily once its implemented within your system. Any software functionality that you cannot use conveniently will result in the wastage of both time and effort.Vendor Support SystemReliable vendor support is a must for you, just in case things go wrong. If you face any issue with the income tax software for tax preparers, you would need a vendor support executive to fix it. You should make sure that your vendor has a reliable after-sales service because delays in fixing the issue can take a major toll on your company.Free Income Tax Software DemoBefore buying income tax software for pc, you should ask for an tds return filing software demo trial. Also, make sure that you inquire the vendor about each and every feature. ITR software demos are quite helpful, as you will be able to understand the software better and make a sound judgment before buying the software.Making the InvestmentMake an investment only when you are very sure that you want to opt for online income tax software. Income tax computation software price varies according to its features. If you are a beginner, you can always try your hands on the free income tax software available online. When you are sure that you want to go a step higher, only then make an investment of buying an advanced online income tax software. Before buying, always check the minimum system requirement. Also, make sure that the software you are choosing is compatible with other plug-ins you might want to use.