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New Delhi, June 28, 2013 : In its pursuit of simplifying income tax filing further, TaxSpanner ? India?s leading tax filing portal, today introduced tailor-made solutions for investors and traders.
Taxpayers who have invested in mutual funds or stocks/shares can now ensure minimal tax outgo by taking advantage of automatic computation of capital gains and set-off the losses in their ITR. Derivative traders, on the other hand, will be able to get their Balance Sheet and Profit & Loss statement auto-prepared from brokerage statements. Not just this, they can also get assistance from a Chartered Accountant at TaxSpanner for the preparation of books of accounts, tax audit and bank account reconciliation.
Says Sumit Grover, COO, TaxSpanner.com, ?These segments have been online and looking for a cloud-based solution to their hassles of self-computation, identification of relevant transactions to be reported, the format of this reporting, and the ITR applicable to them. No other e-return intermediary or tax return preparation software is providing this product. TaxSpanner has also established alliances with Axis Direct and HDFC Securities. This will make the life of investors and traders easy as they often don?t know what information to fetch from brokerages.?
Sudhir Kaushik, the tax expert and CFO at TaxSpanner, stated ?The biggest pain point for taxpayers, at this time, is a notice from the Income Tax Department. Our subject matter experts identified that taxpayers can reduce the chances of a scrutiny notice by preventing any mismatch in the data filled in ITR and the data I-T Department may receive from their brokerage houses. Based on this, our technology team built a solution for automatic computation of capital gains and business income.?
Auto - reconciliation of brokerage statement cannot be underestimated, given every brokerage house provides it in a different format. At times, taxpayers or their chartered accountants (CAs) have to go through the hassles of creating FIFO for individual scripts. Some tax preparers take a shortcut, summing up all Sales/Purchases to report the net gain/loss. This is not the correct way of computation and reporting.
Hence, what TaxSpanner is bringing to the table is not only a more affordable solution as compared to hiring a tax consultant, but also a guarantee of consistency and accuracy in the preparation of income tax returns.
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