Buyer's Guide for Top Income Tax Software

Found our list of Income Tax Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

Buyers Guide Content

  1. What is Income Tax Software?
  2. Most Common Features Of Income Tax Software
  3. Modules of Income Tax Software
  4. Who Uses Income Tax Software?
  5. How to Use Income Tax Return Filing Software?
  6. How Does Income Tax Software Help with TDS and ITR Filling?
  7. Top 10 Income Tax Software For Income Tax Return Filing
  8. How To Choose The Best Income Tax Software Online?

What is Income Tax Software?

Income Tax Software is a comprehensive solution for Indian tax compliance that automates ITR preparation, TDS returns, and online filing in bulk. It is widely used by CA firms, Law firms, and tax practitioners.

It assists with income tax computation and calculation, filing, and compliance management according to income tax laws. It helps with data entry, return preparation, client management, deadline management, reporting, and more.

IT software facilitates easy preparation and e-filing of ITRs by automatically filling out pre-validated clients' information, income detail, deductions, exemptions, and so on.

Most Common Features Of Income Tax Software

  • Online Income Tax: Cloud-based income tax software help access a dashboard and track financial details anywhere and anytime.
  • Complete ITR Preparation Software: This is designed for automating the processes related to the online filing of income tax returns and preparation.
  • Bulk ITR Filing: With corporate income tax software, you can easily file income tax returns in bulk with support from E-Return Intermediary services.
  • Tax Meter: A professional incometax software has a metering feature that looks at numbers under different income categories to check the interest payable.Infographics of Income Tax Software Features For Better Understanding
  • Auto-Calculations of Taxes: Computation of income and exceptions for all categories can be calculated automatically with the help of income tax calculation software.
  • Auto-Estimation: Estimation of late payments, payment interests, late filing interest, and the fee for delayed filing can be done automatically with the help of income tax software.
  • Audit Report: Income tax return filing software has a built-in module for creating audits with easy importing. You can also auto-transfer computation and ITR and carry the relevant data for future use.
  • Reporting Option: You can generate various reports like audit, challan, MIS, and computation reports duly signed by the auditor.
  • Data Import: You can bulk import data from multiple sources such as XML, Excel, and more for filing income tax returns with the help of the best income tax return filing software.
  • Tax Details Import: Tax details paid in previous financial years can be extracted with the income tax software. You can get details like TDS, 26QB, and 26QC from Form 26AS.
  • e-Filing Tools: You will get an e-return to submit ITR and an e-return error locator utility. You can also update your e-filing profile with e-Filing software.
  • Online Adhaar-PAN Linking Tools: Functions 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 and other file formats from the IT website.
  • E-Services: 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.
  • Add Digital Signature: You can upload your digital signature using the digital signature utility feature for form 16 and form 16A.
  • Integration with TRACES: Best ITR filling software provides the utility features fully integrated with TRACES (TDS Reconciliation, Analysis and Correction Enabling System).
  • Miscellaneous Features: Income tax software includes billing, an IT checker, and a tax planner. Income tax return software can compare the current year's figures to any past years. You can also view the bank details like IFSC and BSR codes.

Modules of Income Tax Software

  • Tax Calculation Module: The tax calculation module helps compute a client's net payable tax as per the Income-tax Act. It calculates income tax for salaried, professionals, businesses, companies, trusts, firms, HUFs, and all other entities according to slab rates.
  • Income Tax Return Filing Module: The e-filing module helps in filing ITRs (Income Tax Returns) electronically. It also helps in filing TDS (Tax Deducted at Source) & advance tax returns and creating e-TDS & e-TCS statements.
  • Client Management Module: The client management module helps maintain records of all clients, their return filing dates, PAN number, contact information, ITR types, etc. It also sends automatic reminders to clients for filing their taxes and keeping them updated about the latest tax changes & amendments.
  • Anticipatory income tax calculation: This module is used for projecting or estimating the income and tax payable for the future financial year. Anticipatory income tax software is beneficial for making investment decisions, planning tax liabilities, and budgeting.
  • Tax Planning Module: The tax planning module helps in planning the client's tax liability and making investment decisions accordingly. Income tax planning software considers various deductions and exemptions available under the Income Tax Act.
  • Asset Management Module: The asset management module helps track all client assets, such as property, investments, jewelry, cars, etc. It also helps in computing LTCG, STCG, depreciation and charge indexation on the sale of assets.
  • Compliance Module: The compliance module helps in maintaining records of all the compliances to be done by a client, such as filing ITR, slab rates, indexation, audit requirements, furnishing TDS return, a deposit of advance tax, etc. It also sends automatic reminders to the client for compliance due dates.
  • Refund Management Module: The refund management module helps compute the refund amount due to a client. It considers the TDS deducted, advance tax paid, and tax payable. It also helps in filing refund applications and tracking the status of refunds.
  • TDS Calculation and filing Module: The TDS calculation and filing module help compute the TDS amount to be deducted by the company while paying salaries and other remunerations. It also helps in filing TDS returns and generating TDS certificates.

Who Uses Income Tax Software?

Different segments of professions/organizations use income tax software to calculate and track their taxes.

  • Chartered accountants / CA firms: Most of the CA firms in India use income tax computation software to manage their clients' taxes, due dates, compliances, and payments in a better way. This income tax software for chartered accountants helps easy, fast efiling of their Client's Income Tax e-Filing.
  • Law firms: Law firms need income tax software to manage their clients, their TDS returns, advance taxes, pending cases, etc.
  • Tax practitioners: A tax practitioner or an individual tax preparer is a person who helps other people in preparing, filing, and getting their tax returns done.
  • Small businesses: Small businesses need to keep track of their finances, expenses, revenue, and assets to properly calculate their profits, taxes, and advanced tax payables. Best income tax software for small businesses helps to comply with the Income Tax Act 1961.
  • Self-employed: Self-employed individuals must maintain records of their income and expenditure to file their taxes correctly. They can use the best income tax software for self-employed to keep track of all their financial transactions and automatically compute their taxes.
  • Senior citizens and pensioners: Senior citizens and pensioners need to track multiple incomes, including their pension, interests, income from house property, agricultural income, and other sources. Income tax calculation software for pensioners helps them to calculate the total taxable income and income taxes to be paid or refund to be claimed.
  • Auditors: Internal and external auditors also use income tax software to review their client's financial records to ensure compliance with income tax laws.
  • Teachers: Income tax software for teachers helps them to calculate the total taxable income, TDS Deducted, and income taxes to be paid or refunded to be claimed.

How to Use Income Tax Return Filing Software?

Income tax filing software is designed to help taxpayers correctly and efficiently file their taxes. Most IT software solutions are deployed on-premises, while some are web-based. Here is how ITR filing software works:

  • Download /Install the software or sign in on the Web Portal.
  • Fill in the personal or company details (PAN Card, DOB, DOI, etc.)
  • Provide the existing Financial Statement details (Balance Sheet, P/L account, Assets)
  • Enter the Income details (Incomes from Salary, House Property, Capital Gains, Business and Profession, etc.)
  • Deductions & Exemptions (Section 80 C, 80 D, 80 E, etc.)
  • Add Investments & Expenditures
  • Enter the TDS and TCS amount from AS
  • File Returns

CA Firms and tax practitioners can manage file returns by creating multiple client databases.

How Does Income Tax Software Help with TDS and ITR Filling?

There are a lot of benefits of using taxation software. Be it automation, increase in efficiency or accuracy, bulk filing, or record management. Let's have a look at the benefits of income tax software:

  • Automation: Automation is a major boost in taxation software. It reduces manual efforts, as it can automate taxation formalities, from tax calculation to tax filing. 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).
  • Compliance management: Income tax compliance software not only helps with automated tax calculation but can also keep track of changes in tax laws to ensure compliance. This is beneficial for businesses with multiple locations or those that are required to comply with multiple laws.IHow ITR Preparation Software Help Your Business - Infographics
  • Auditing: Income tax audit software can help by providing a comprehensive view of all the transactions related to income tax, which is extremely helpful in internal, tax, and state audits.
  • Accuracy: Manual calculations always have the risk of going inaccurate. Income tax 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 Returns: A taxpayer should follow a prescribed format to have undisputed accounts, whether an individual or an organization. After calculating the tax amount, the income tax return filing software will take care of all these pre-defined formalities. Thus, you don't need to worry about any discrepancies.
  • Records: Taxation requires you to maintain records so you can get the required details at any time without digging deep into the paperwork. Income tax filing software generates and stores the documents in easily accessible folders so you can always find the details whenever required.
  • Real-Time Tracking: Get real-time tracking of all the processes related to income tax. You can control the complete workflow 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 Efficiency: Income tax software helps increase the efficiency of every company's tax management process. You will be able to retrieve data, eliminate data that is not required, generate invoices, upload digital signatures, and access archived data.
  • Controlled Workload: With automated software, you can save yourself from redundant tasks and focus only on the processes that need your attention. You can focus on priority tasks and manage them by viewing the real-time process status and receiving customized alerts which help in reducing hands-on time.
  • Affordability: Most software is affordable and has various features that can be used for filing income tax returns and other functionalities.
  • User-Friendly Features: Top software are easy-to-use and has an interface that employees can manage with limited technical expertise. There are also demo training sessions available if you want to learn how to make the most of taxation software in detail.

Top 10 Income Tax Software For Income Tax Return Filing

Here is the list of best income tax software for TDS and itr filling

Top 10 Income Tax Software In India
Income Tax Software List Best for
EasyOffice Maintaining database, tax details and returns of Individuals, HUFs, firms
ClearTax ITR filing software Filing ITR of all types of entities
GEN Income Tax E-filing Tax returns of corporates, Partnership firms, trusts, NPO's
Saral Income Tax Bulk filing ITR and generating Bills
TaxCloud File income tax and TDS return by uploading Form 16
Monarch I-TAX Software Generating XML files for returns to be uploaded online
Taxmann Filing TDS, and IT returns
Spectrum Complete Tax Solution Income tax computation and conducting tax audit of small business
Taxraahi ITR Filing ITR offline, auto filling 26AS and Form 16
Webtel's income tax return filing software Filing TDS and Income Tax returns

How To Choose The Best Income Tax Software Online?

Finding the right taxation software should be based on what your organization needs. Depending on the features and modules you need, your choice of income tax software will change. Here are a few points to consider when choosing an income tax calculation software in India.

  • Identify your requirements

    Identify your need as if you are looking for particular module-specific income tax software with automated e-filling and a TDS module, or you need complete software with basic features.

  • Ease of Use

    Most income tax software are easy to use, but ensure that you can understand and operate the tool easily once it's implemented within your system. Any software functionality that you cannot use conveniently will result in the wastage of both time and effort.

  • Vendor Support System

    Reliable vendor support is necessary for you in case things go wrong. If you face any issue with the income tax software, you will 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.

  • Get Software Demo

    Before buying income tax software, you should ask for a demo. Also, make sure you inquire the vendor about each feature. ITR software demos are quite helpful, as you can understand the software better and make a sound judgment before buying the software.

  • Making the Investment

    Invest only when you are sure you want to opt for offline or 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 you want to go a step higher, only invest in buying advanced online income tax software. Before buying, always check the minimum system requirement. Also, ensure that the software you choose is compatible with other plug-ins you might want to use.

 

Author: Kalpana Arya

Best Income Tax Software in 2023

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EasyOffice

EasyOffice

By ELECTROCOM

5.0 (1 reviews) Write a Review

Price On Request

EasyOffice is one of the best taxation software for Income tax Return filing, TDS, & TCS Return preparation, Audit... Read More About EasyOffice

ClearTax  Income Tax

ClearTax Income Tax

By ClearTax

Write a Review

Price On Request

ClearTax is an income tax software used by tax experts, vendors, and financial service providers for GST returns filing... Read More About ClearTax Income Tax

Easy to Use Products

Saral TaxOffice

4.3

TDSMAN

4.5

CompuTax

4.6

KDK Spectrum

2.4

GEN Income Tax

GEN Income Tax

By SAG Infotech

Write a Review

Starting Price

₹4,130/Year

Inclusive of all taxes

GEN is the best Income Tax software has been crafted for the easy calculation of Income, self-assessment, advance tax an... Read More About GEN Income Tax

Saral IncomeTax

Saral IncomeTax

By Relyon Softech

4.4 (3 reviews) Write a Review

Starting Price

₹6,490/User

Inclusive of all taxes

Saral IncomeTax is an innovative income tax software, which allows business owners to calculate and file income tax re... Read More About Saral IncomeTax

An income tax software helps calculate income tax, self assessment tax, advance tax and interest.

Some of the most popular income tax software are EasyOffice, CompuTax, and Cleartax.

Some of the most popular income tax software for ca are  EasyOffice, ClearTax, CompuTax, and TaxRaahi.

Time-saving, cost-effective, and high accuracy with minimal errors are a few advantages of using tax filing software.

TaxCloud

TaxCloud

By ClearTax

Write a Review

Price On Request

TaxCloud India is a web-based ITR and e-TDS software used for filing income tax returns digitally. The software is used... Read More About TaxCloud

Saral TDS

Saral TDS

By Relyon Softech

4.7 (3 reviews) Write a Review

Starting Price

₹1,770/Year

Inclusive of all taxes

Saral TDS is a comprehensive TDS management software. It is developed with a built-in state of the art technology that... Read More About Saral TDS

GEN Genius

GEN Genius

By SAG Infotech

4.5 (7 reviews) Write a Review

Starting Price

₹7,080/Year

Inclusive of all taxes

GEN Genius is an income tax software designed for tax professionals to manage their clients effectively. The software... Read More About GEN Genius

Monarch I-TAX Software

Monarch I-TAX Software

By Monarch Infotech Services

Write a Review

Starting Price

₹2,655

Inclusive of all taxes

I-TAX Income Tax software is one of the full spectrum IT software for Indian companies. It is developed with a bui... Read More About Monarch I-TAX Software

GEN e-TDS

GEN e-TDS

By SAG Infotech

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Starting Price

₹3,540/Year

Inclusive of all taxes

GEN e-TDS software has been exclusively designed for the filing of TDS/TCS returns online as per the norms of TRACES and... Read More About GEN e-TDS

Saral TaxOffice

Saral TaxOffice

By Relyon Softech

4.3 (2 reviews) Write a Review

Starting Price

₹10,384

Inclusive of all taxes

Saral TaxOffice is the most advance and reliable income tax software and audit management software that automates the CA... Read More About Saral TaxOffice

Gen XBRL

Gen XBRL

By SAG Infotech

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Starting Price

₹5,900/Year

Inclusive of all taxes

Gen XBRL Software has been developed for professionals like Company Secretaries and Chartered Accountants who are involv... Read More About Gen XBRL

TDSMAN

TDSMAN

By PDS Infotech

4.5 (5 reviews) Write a Review

Starting Price

₹4,956/Year

Inclusive of all taxes

TDSMAN is a comprehensive eTDS & eTCS return preparation software that helps professionals with income tax return,... Read More About TDSMAN

Monarch I-TaxNxt

Monarch I-TaxNxt

By Monarch Infotech Services

4.6 (3 reviews) Write a Review

Starting Price

₹3,245

Inclusive of all taxes

Income Tax Software ITAX (one Law one Software) is the best audit software in india for filing Indian Income Tax Retur... Read More About Monarch I-TaxNxt

Monarch eAuditor+

Monarch eAuditor+

By Monarch Infotech Services

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Starting Price

₹2,478/User

Inclusive of all taxes

eAuditor+ is known as one of the best ITR preparation software that is specially designed for chartered accountants to h... Read More About Monarch eAuditor+

Monarch M-TDS (TDS Management)

Monarch M-TDS (TDS Management)

By Monarch Infotech Services

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Starting Price

₹2,655Lifetime

Inclusive of all taxes

M-TDS is an ultimate audit management solutions for preparing of e-TDS/e-TCS return, efilling income tax online, return... Read More About Monarch M-TDS (TDS Management)

Monarch Me-TDS

Monarch Me-TDS

By Monarch Infotech Services

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Starting Price

₹2,655

Inclusive of all taxes

Me-TDS is an ultimate solution for preparing of e-TDS / eTCS return, return submission CD and paper Income tax return fi... Read More About Monarch Me-TDS

Easyform mAudit

Easyform mAudit

By Sky Productivity

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Price On Request

Site inspection and audit (mAudit) is our successful flagship product for field data collection. mAudit is flexible ITR... Read More About Easyform mAudit

Gen TDS software

Gen TDS software

By SAG Infotech

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Price On Request

Gen TDS software is the most reliable and user-friendly software which is exclusively designed for filing the TDS/TCS re... Read More About Gen TDS software

Taxmann

Taxmann

By Taxmann

Write a Review

Starting Price

₹21,830

Inclusive of all taxes

Taxmann’s One Solution is a TDS filing software that helps users generate TDS or TCS returns, along with TDS certific... Read More About Taxmann

CompuTax

CompuTax

By CompuTax

4.6 (18 reviews) Write a Review

Price On Request

CompuTax is one of the best income tax management and TDS software in India which streamlines daily operations with mu... Read More About CompuTax

Last Updated on : 28 Jan, 2023

What Is Income Tax Software?

Income tax software is basically computer software that helps to calculate tax for any business with easy steps. This software also calculates TDS and avoids errors. It avoids fine charges by sending notifications and you can file your ITR & TDS return in time without any delay.

Income Tax Software Comparison

 
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Income Tax Software Price List In India

Income Tax Software Cost
Best Income Tax Software Price Ratings
Saral IncomeTax ₹6490 /User 4.4
Saral TDS ₹1770 /Year 4.6
GEN Genius ₹7080 /Year 4.5
Saral TaxOffice ₹10384 4.3
TDSMAN ₹4956 /Year 4.4
Monarch I-TaxNxt ₹3245 4.6

Income Tax Software Reviews

SJ

SIDDHI JAIN

review for EasyOffice

5

"Easy user interface and have multiple features to make my job less time consuming"

See All EasyOffice Reviews

RK

Rahul Kumar

review for Saral TDS

4.5

"Saral TDS comes with a user friendly UI with all easily navigable format. For technical difficulty the live support is available to solve it."

See All Saral TDS Reviews

KM

KRISHNAN MLN

review for Saral TaxOffice

4.6

"Taxation became so easy with this software. Easy to use, no unnecessary steps to follow."

See All Saral TaxOffice Reviews

YK

Yatin Khatri

review for TDSMAN

5

"Very easy to use software and the PAN verification features are awesome. Highly Recommended!!!"

See All TDSMAN Reviews

SB

Saket Bisht

review for Monarch I-TaxNxt

4.5

"Monarch income tax software made auditing and taxation easy. I customized this according to business."

See All Monarch I-TaxNxt Reviews

FAQs About Income Tax Software

Taxation software is an application for tax preparation, computing, and filing that helps companies, agencies, and individuals with tax-related tasks. It can be used to prepare returns and manage VAT, income, corporate, and service tax.

Taxpayers can easily file ITRs with the income tax utility software offered by the Income Tax Department. The Income Tax Department releases a new version of the ITR Utility software every year.

EasyOffice, ClearTax, Zoho Books and Winman GST are the best software for income tax return filing.

An income tax calculator is an online tool for estimating taxes according to income. Additionally, it calculates relevant ratios and provides automated returns. The software offers bulk verification and generates various MIS reports, including refund status, pending returns, and filed returns.

To use income tax software, follow the instructions. 1. Download and install the IT software or log in from the website. 2. Enter details like PAN number, name, date of birth, etc. of the client or yours. 3. Go to the next page and enter income details from salary, other sources, business or profession, etc. 4. Enter the deductions 6. eVerify the return using Aadhaar OTP, net banking, or by using a digital signature.

Some of the most popular ones are EasyOffice, ClearTax, CompuTax, and TaxRaahi.

Income tax software for Chartered Accountants (CAs) helps in the filing of Income Tax returns for multiple clients. The software maintains all the details, calculations, tax payables, TDS receivables of clients in a single database.

It is not possible to file a TDS return online without the software as you need a file validation utility (FUV) file to upload on the portal. Many Income Tax software solutions have a TDS return module that allows users to create an FUV file.

Best ITR filing Software are EasyOffice, Gen IT Software, Clear Tax, Winman, Saral Tax, Tax Raahi, etc.

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