The Indian taxation system continues to be full of complexities. The system is self defeating in nature with constantly fluctuating, ambiguous provisions and rates. It is a counterproductive system embedded with clarifications, procedural details and notifications. Today, organizations are in a dire need of a tax automation software to resolve their tax related concerns. Nowadays, organizations are purchasing Enterprise Resource Planning (ERP) software that cater to the standard processes within an organization but tax planning and processing are not core activities of this software; hence, it fails to solve specific tax related complications faced by organizations.
iTax is a configurable tax processing engine, developed keeping in mind the Indian taxation requirements. It helps in managing complex tax scenarios like multiple taxes at header and detail level, multi-level tax on tax, etc. It allows an organization to generate various statutory reports required for CENVAT (Excise) for manufacturers and trading units, Service Tax, VAT & CST, TDS & eTDS, EXIM, EOU and SEZ. It can also import and export data in multiple formats like XML, CSV, Excel, etc. It has a flexible data entry, data validation and messaging structure and is regularly updated based on notifications and amendments released by the Government from time to time.
Moreover, it ensures secure data storage for filing returns and reporting. It also enables mapping of ERP data to the standard industry codes and can be customized to suit a variety of industry requirements. It is embedded with a robust tax master and formula builder that supports the latest Goods and Services Tax and also has special provisions for supporting ACES e-filing.
iTax is a comprehensive tax product which is beneficial for the organizations because:
· It has a simple, easy to implement and maintain, user interface
· It is economical, accurate and can fulfill Indian taxation requirements
· It gives out relevant quality information and also maintains data integrity
· It promises uninterrupted service
· It can incorporate regular statutory updates from time to time
· It curbs repetition of work and thus, dual data entry is automatically eliminated
· It can be easily integrated with all major ERP’s like QAD, SAP, JD Edwards, Ramco Systems, FourthShift, BPCS, Epicor, Adage, Infor, Sage, Evolutions, SUN, etc
· It is recommended by popular ERP implementers like TCS, ITTI, Yash Technologies, Mahindra Satyam, Softbrands, Ventura Soft, NRI and Axcend Automation
iTax is a comprehensive tax automation system designed primarily for manufacturers and traders. It is ideal for small and medium enterprises as well as larger organizations as it helps in dealing with a wide variety of tax complexities.
By Rohit Matlapudi