Tally to Transform Business Taxation
Tally Solutions announced the launch of Tally.ERP 9 Release 5.0, to help businesses in India address their most taxing problem, which is taxation.
With path-breaking technology of creating fully reconciled and triangulated tax returns, for Excise, Service Tax, VAT, and TDS/TCS – the new product release is designed to help businesses, their accountants and tax-practitioners, as well as taxation authorities, to quickly and easily match returns with actual data. This will dramatically increase the compliance of businesses, and reduce the hassles faced by the authorities as well as businesses.
“When we find businesses spending time on things which are not core to their business, we treat it as an opportunity for Tally to solve their problem. Our legendary simplicity allows people to go back to do what they do best, while our technology takes this job over. Ensuring that your books and returns are reconciled wastes time either during preparation of the return itself, or during scrutiny or assessment. We believe the innovations behind our solution will go a long way to transform taxation for businesses,” said Mr Bharat Goenka, Managing Director and Co-Founder, Tally Solutions.
The product provides a hand-prepared tax generation experience to ensure that customers enjoy full visibility on the transactions used to compile the returns, thus helping them get the much needed confidence that their returns are filed with complete accuracy.
While most features in Release 5.0 are applicable for users across the world, and the Central Taxes (Excise, Service Tax, TDS/TCS) are for India, the VAT capabilities are being launched in an incremental manner beginning with 5 states in India namely – Karnataka, Maharashtra, New Delhi, Rajasthan and Tamil Nadu. Subsequent releases will provide the VAT return forms for the rest of the states, covering the entire country shortly.