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New Features added to TaxCloud

Generate Form 16 with TaxCloud's TDS Software
(added 26/04/2014)

TaxCloud’s TDS software now supports Form 16 / Form 16A generation. Click here to see a sample Form 16 generated by our software.

For Salary TDS returns, TaxCloud can generate a combined PDF with both Part A and Part B for you.

  • We can import information from TRACES and generate TRACES Form 16 Part A.

  • You can use our TDS software to prepare the Part B. You can use this sample excel template in order to import data for part b.

For Non Salary TDS returns, we can import the Form 16A from TRACES and generate the TRACES PDFs for you.

The below image shows you how it looks on our dashboard.

TDS Return Form 16 Generation Dashboard

Adding support for e-TDS FVU version 4.6 on TaxCloud
(added 20/04/2014)

NSDL released version 4.6 of the e-TDS File Validation Utility (FVU) on 21st April. TaxCloud's TDS software has been updated to support this latest FVU version.

Below are the changed made in FVU 4.6:

  • Quoting of PAN of responsible person for deducting/collecting tax.
  • Update of tax deposit amount in deductee details enabled for the deductee records where tax has been deducted at higher rate. Reduction in the applicable list of “Nature of Remittances” (Applicable in case of Form no. 27Q).
  • Enhancement of deduction allowed under section 80CCE from Rs. 1,00,000/- to Rs. 1,50,000/-.

You can read the official list of changes to the FVU utility here.

Adding new guides and FAQs for TDS software
(added 14/01/2015)

We have added a lot of new guides and FAQs to the TDS Software

You can read the Frequently Asked Questions here: Frequently Asked Questions for TDS

The new guides include:

Click here to read all the guides for TaxCloud's TDS software.

Adding support for e-TDS FVU version 4.5 on TaxCloud
(added 21/12/2014)

NSDL has released a version 4.5 of the e-TDS File Validation Utility (FVU) on 20th December. TaxCloud's TDS Software has been updated to add support for this latest FVU version.

Below are the changed made in FVU 4.5:

  • Adding of Section 194LBA
    • Section 194LBA deals with payment of certain income from units of a Business Trust
    • Is applicable for Non-Salary TDS returns (Form 26Q) and NRI TDS returns (Form 27Q)
    • Rate of TDS is 10% for Residents and 5% for Non-Residents
    • Section 194LBA is applicable only from FY 2014-15 Q3 onwards only.
  • Adding of Section 194DA
    • Section 194DA deals with payment of insurance amount
    • Is applicable for Non-Salary TDS returns (Form 26Q) only
    • Rate of TDS is 2%
    • Section 194DA is also applicable only from FY 2014-15 Q3 onwards.

You can read the official list of changes to the FVU utility here.

Assessment Year 2015-16 has been enabled on TaxCloud
(added 18/12/2014)

We have now added support for AY 2015-16 in TaxCloud. You can now start creating entities for AY 2015-16 in order to check the computation for your clients.

Some of the changes in the tax calculations for AY 2015-16 are:

  • Basic Exemption limit raised to Rs. 2,50,000
  • Section 80C limit has been raised to Rs. 1,50,000
    • Section 80CCD(1) limit to remain at Rs. 1,00,000 though
    • PPF limit raised to Rs. 1,50,000
  • Deduction available against interest of house property has been raised to Rs. 2,00,000

How to select AY 2015-16 in TaxCloud

In order to start work for AY 2015-16, click on the "Work on this Entity" button and select 2015-16 as the assessment year.

Verification Data for Conso File & Form 16 Download from TRACES
(added 05/12/2014)

Your e-TDS software now saves your precious time by showing all the data required by TRACES for downloading consolidated file and Form 16s. You just need to enter the data as displayed on TaxCloud and you are done.

No need to figure out which Challans and PANs actually qualify for verification, your TaxCloud will do it for you.

Click here to see a screenshot of this feature

Verification Data Required for TRACES, part 1 Verification Data Required for TRACES, part 2

Mark your TDS return as filed
(added 05/12/2014)

Done with filing your TDS return? Good, now save your Acknowlegement Number (Provisional Receipt Number) on TaxCloud itself. You may need to refer to this 15-digit acknowledgement number in the future, in order to prepare a correction statement or to download your Form-16s.

TaxCloud keeps it safe so you do not need to worry about losing it in the future.

Once you enter your acknowledgement number, your TDS return is made uneditable (Locked) in order to prevent any accidental modifications of your data.

Click here to see a screenshot of this feature

How to mark a TDS Return as 'Filed' on TaxCloud's TDS Software

Updated the Word Computation Report
(added 25/11/2014)

There have been several changes made in the Word Computation report as per your suggestions. Please take a look and let us know your feedback!

Added Narrations for Miscellaneous Other Income
(added 19/11/2014)

You can now specify a detailed narration for your Other Miscellaneous incomes in TaxCloud.

In order to use this feature, please go to the Other Income section of TaxCloud and click on the option to specify a narration — you can then enter any number of items in the narration very easily.

Click here to see a demo of this feature

How to add a narration to Miscellaneous Other Income in TaxCloud

Excel-import feature added to TDS Software
(added 11/11/2014)

The TDS Software now allows you to import tax deductions from an Excel file. You can prepare the return offline and then import it into the software in one go.

Click here to read a guide on importing Tax Deductions from Excel on TaxCloud.

TDS Software's validations now run 10 times faster
(added 05/11/2014)

We have updated the TDS Software's validations to run ten times faster! Now, creating TDS returns with over a thousand tax deductions is super-fast.

Updated rules for Interest u/s 234A for Auditable ITR as per Madras High Court ruling
(added 31/10/2014)

As per the recent ruling by the Madras high court, interest u/s 234A will not be levied on auditable returns if they are filed before the due date of November 30th.

Initially, when the due date of auditable returns was exteded to 30th November, there was an extra clause saying that for purpose of Interest calculation u/s 234A, the due date was still considered to be 30th September. But this extra clause no longer applies because of a recent ruling by the Madras high court, and as a result, no interest will be charged for returns filed before 30th November.

Added Option to specify Narration for Interest Income
(added 31/10/2014)

You can now specify a detailed narration for your Interest incomes in TaxCloud.

In order to use this feature, please go to the Other Income section of TaxCloud and click on the option to specify a narration — you can then enter any number of items in the narration very easily. This detailed narration will be available in your Computation Summary report too.

Click here to see a demo of this feature

How to add a narration to Interest Income in TaxCloud

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