Bangalore, July 30, 2015: India's best known Accounting software Tally ERP 9, has undergone its most significant revamp in recent years: The new Release 5.0 which becomes available tomorrow, addresses the knotty challenge of trust deficit between corporate users and taxation authorities.
It will help using to create fully reconciled and triangulated tax returns, for Excise, Service Tax, VAT, and Tax Deducted at Source and helps 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 said Bharat Goenka, co-Founder and Managing Director, 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, said Executive Director Tejas Goenka.
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.
“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,” he added.
For customers on subscription plan, the new version 5 will be a free upgrade. For users of the shrink wrapped versions for single user ( Rs 18,000) and multi user ( Rs 54,000), the upgrade will be done at a nominal cost of 20% of base price : Tally remains one of the most compellingly priced business softwares in India.