Taxbase

Beginners Level

Head Office:
SINEWAVE COMPUTER SERVICES PVT. LTD.
T-22, 3rd Floor Super Mall, Salunke Vihar Road, Wanowrie, Pune 411 040.

About Taxbase :
TaxbaseLAN is the best solution for Chartered Accountants, Tax Consultants for Tax computation
needs. You can instantly compute the taxable income and taxes there on for your respective clients.
Thus, relieving you from the day-to-day manual working of tax computations, preparing returns and
checking the computation sheet & tax returns and filling up.
This tool in your office will keep you updated on tax law changes towards tax computations and will
provide you most accurate tax computations along with extremely presentable outputs for preparing
return of income. Further, you would be able to use your time more effectively in handling more
number of clients.
Moreover, you will be informed of regularly released latest version of the software through alerts
which will be shown on software screen. Such upgrades can downloaded from our site
www.sinewave.co.in
TaxbaseLAN Users Guide introduces you to the TaxbaseLAN features and helps you install
TaxbaseLAN so that you are ready to use the software effectively. Once you are started, the contextsensitive help is accessible from within TaxbaseLAN to explain features and guide you on the various
concepts and functions.
Sinewave Computer Services Pvt. Ltd., provides online support to its product users. We have a team
for supporting queries or difficulties faced by customer. TaxbaseLAN is provided with free web and email support and access to updates and new releases for a specified period of time.
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Group Definition :

This screen facilitates entry of the group information viz. group name, address, city, pin,
telephone no, email ID, etc. You can use this option to categorize your assessees in a
particular group.
Further, group passwords are provided, hence user can access a group data only with
passwords.
If the Address fields are not enough for the user he can select the button in the left corner to
add five line address .

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Assessee Creation :
Select Master Data->Static Information
option to enter Assessee information.
Assessee-First, Middle and Last name,
Pan, Sex, office, Residential & Filing
address, Assessing Officer, father name,
mobile number, email ID would be entered
on the screen.

Ward may be selected from existing

defined wards or a new one may be
created.
Date of birth along with anniversary
date for individuals may be entered.
Areas Applicable allows the user
to select the areas applicable from the
given list which is used in Master File
List & to Send SMS.
Credit Card and Bank details may be entered as per required.
You may delete any taxpayer with option of deletion of data for specified
assessment year or throughout the system.
Short name is provided for addressing taxpayer through SMS system.
Area Code, AO type, Range Code & AO no, File No. are provided for efiling.
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Income Details Screen

This screen enables you to enter
income in any selected chapter along
with provisions therein of that
chapter.
Upon exit from any chapter, total
income along with taxes along with
interest (if applicable) would be
computed and displayed.
You may print computation sheet and
return of income from here, both
options of printing that is, windows
graphical print and conventional and
fast dot matrix printing.
The Other Form Data enter the
information pertaining to the return
such as Due Date , Date and Place of
Filing, the Signatory etc. for a
particular selected assessee.
All returns of income are catered to
specifically Form ITR-1, ITR-2, ITR3, ITR-4, ITR-5, ITR-6, ITR-7

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Salary Details Entry :

After clicking on the Salary Head you will
get screen :
Enter Employer Details
Enter Salary Details
Enter HRA Details it will do Auto
Computation of HRA Exemption
U/s 10(13A)
Enter perquisites then system
will do Auto Perquisite Valuation
Relief Computation U/S 89
Exemption U/S 10
Professional Tax Deducted
P.F. Deducted from Salary
TDS deducted on Salary
At last it will show you Taxable
Salary

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House Property Income :

Covers all House Property Computations
such as Let out, SOP and Deemed Let Out
Property.
Auto computation of Section 24 Deductions
Income Computation for Section 25A
unrealized Rent Received and Section 25B
arrears of rent received.
Based on your percentage of share in the
property it will show you income.
After entering house property incomes it will
display you net income earned under House
Property.
First give address of property
Your share of percentage in the property
Select type of your property whether let
out, SOP or deemed let out.

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House Property Continue

Let out Property : - Give Municipal Value or Fair Rent Value
Property Taxes paid by assessee
Interest if any paid.
Arrears Rent or Unrealized Rent
Let Out Property means Property Given on Rent to somebody.
Self Occupied Property :- Give Only interest paid during the year on Loan
Any interest paid during the construction
Tick in the check box is condition is true
Based on tick it will calculate deductions
Net figure for this is always negative.
Self Occupied Property means self staying property.
Deemed Let Out Property :- Give Municipal Value or Fair Rent Value
Property Taxes paid by assessee
Interest if any paid.
Options for Let out & Deemed Let Out are same.
Deemed Let Out Property means your property is ready to utilize but no one is utilizing it,
it is vacant.

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Business Summary - Balance Sheet Entry

When you are filing return against the
business income you need to furnished
balance sheet and profit loss statement for
the year along with Income Tax Return.
Our software has facility to enter this
details, so that it will appear on respective
return.
To enter this details you have to click on
other details on Income details screen,
then Balance Sheet option will be seen at
the bottom. If you click on this option you
will actual option to enter details of profit
loss and balance sheet.

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Balance Sheet Entry Continue :

You will get below screen where
you have to enter balance sheet
details.
At the bottom you will see option
as B/s & P/L not applicable with
chick box tick, remove this tick
then only you will be able to enter
B/S & P/L.
After completion of Balance Sheet
your both debit and credit figures
should be tallied with each other
there should not be any difference.

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Profit and Loss Account :

You will get the screen where
you have to enter Profit & Loss
Account details.
At the bottom you will see option
as B/s & P/L not applicable with
chick box tick, remove this tick
then only you will be able to enter
B/S & P/L.
After completion of P/L
your both debit and credit figures
should be tallied with each other
there should not be any difference.

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Business / Profession
Separate Computation head for

Partnership Firm
Normal Business and Profession
LIC Commission Agent income Computation
Partners Remuneration and Interest
Other Business income Computations

Presumptive income Computation under Section 44 AD, 44AE, 44AF Etc.

Exports and STPI unit Exemption Computation
Automatic Depreciation Computation
Wide Coverage to all the Deductions and Additions heads under Allowable &
disallowable expenses.

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Business Summary :
This screen shows five different options of
income from business.
Income from Firms :- This option is used to enter
income from Partnership firm in which you are a
partner
LIC Commission Agent : - This option is used by
only LIC agent who gets commission on new
registration or renewal of policies
Other Business Income :- This option is used to
enter other type of business income.
Business / Profession :- This option is used to
enter if you are having Income from your own
business ( Proprietary Business )
Remuneration / Interest :- This option is used to
calculate interest and remuneration payable to
partners of partnership firm.
Allowable Remuneration & Interest:-This option is
used to allocate remuneration & Interest as per their
sharing ratio.
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Business / Profession Continue :

Income from Partnership Firm :

We are having facility to link partners with partnership

firm so that Profit, Interest & Remuneration paid to
partners is directly linked with there individual return.
Other way you can enter
Name of the partnership firm
PAN number of the firm
Profit, Loss & Remuneration percentage
Your capital Balance in the firm on the date
Profit received from partnership firm
Interest received from partnership firm.
Remuneration received from partnership firm
Expenses incurred
Then you will get net firm Income

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Business / Profession Continue :

From the above screen select Business /
Profession Option :
Give name of business
Click on the green aero to pickup profit
from profit & loss statement.
Then click on details option to enter
allowable & disallowable expenses
In the allowable expenses you can able to
enter depreciation
Then tick in appropriate check boxes
In profit gains (1) option you can enter if
you are running business u/s 44
In profit gains (2) option you can enter
deduction received u/s 10
After all this you will get taxable income
under head business and profession

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Business / Profession Continue..

Allowable/Disallowable :
In order to make the entries relating to
Allowable & Disallowable regarding this
source of Income, Click on Detail& select
the Allowable & Disallowable accordingly.
These items are those items that can be added
or deducted from the Net profit & Loss.
If click on Depreciation button the
depriciation chart & arrive at the amount
allowable depriciation will appear .

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Business / Profession Continue..

Profit & Gains (1)
You can enter here Adjusted
Amount of change in accounting &
stock valuation method.

In profit gains (1) option you can

enter if you are running business u/s
44.
Profit & Gains (2)

In profit gains (2) option you can

enter deduction received u/s 10.

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Capital Gains:
Capital Gains means the profit earned from the
sale of property, i.e. your belongings or your
assets. Based on periodicity it is known as long
term or short term.
This option allows you to auto compute
your
capital gains.
It has two options as i) Summary & ii)
Details.
In summary you have to calculate your
Capital gain periodically, long term, short
term, against shares or other, exemptions.

In details option all the above information

system will calculate on its own, you dont
need to calculate anything.

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Capital Gains:
To Enter Summary Capital Gains : Calculate Capital gain or Capital Loss manually
Byfercate it periodically based on Advance Tax
Dates
Then transfer it to Short term or Long term
Again transfer it to shares or other than shares
Security transaction tax paid or not
Taxes paid @ 10% or 20%
Any capital gain exempt u/s 54 ( Exempt for
Tax Charge )
After entering all this details at the end you will
get net Capital gain from Short Term and Long
Term.
While doing this system will never ask you for the
type of asset, and once you select summary option
you will not able to convert it to details option.

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Capital Gains:
Shares with STT & Shares without STT :Enter Type of Assets.
Date of Purchase.
Nos, rate & value of purchase depends on type
of assets.
Date of Sale.
Rate & value of sales depends on type of assets.
It will display you capital gain transferred to
Short or Long term on periodicity.
Then system will ask you whether paid STT
select appropriate answer.
Then system will display you Index Acquisition
Cost.
Tax on transaction @ 10% or 20% is by system
or by user option.
If STT paid select appropriate exemption head.
Then system will display you capital gain, like this
you can go on till your entry finishes & at the end
it will display you net capital gain.
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Capital Gains:
Residential

Exemption : Residential
In order to avail of the various exemptions
applicable under Income from Capital Gains,
click the mouse on the Exemption figure area.
This will bring forward a pop-up screen which
will show the exemptions applicable (depending
on the type of asset sold). The Income-tax Act
grants total/partial exemption of capital gains
under sections 54, 54B, 54D, 54EC, 54ED, 54F,
54G and 54H. Exemptions under specified
section is displayed and reduced from taxable
Capital Gains.

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Capital Gains:

After entering your Capital Gains

Details, you have to give the
Breakup of your Capital Gains in
the below screen.
Below to this screen there is a
Auto Pickup button if you click on
this button it will pick up Capital
Gain or if you want to enter
manually you can enter manual
figures also.

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Other Sources :
This is also known as Interest Income
In this option you will be able to see the
different options of F.D., Saving Bank, Bonds
NSC, Kisan Vikas Patra, Post Office and so on.
In the same screen you will be able to see
exempt income same way pension
income
and so on.

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Other Special Income :

This is the option from which you can

enter your income received from other
sources like, racing gambling, royalty,
dividend and other
for this type of special income entry
you have to select section code
It will display you description of the
code
Enter income received against that
head
System will display you percentage of
tax applicable to that income
At last it will display you tax charged
on that income head this will transfer
to main Income Details screen.

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Speculation Income:

Through this option You can enter the Profit and Losses derived from Speculation

Business.

You can Also Addition / Deduction for Adjustment in accordance with Ss. 28 to 44
AD, if any then enter the amount.
You can tick whether you want do not want to include speculation profit/loss in
normal business income.

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Exempt Income :

To access the screen select menu Income Tax

Income Details Exempt :
Income Claimed Exempt u/s 10
Minor Income Deduction u/s 10(32)
Income Claimed Exempt u/s 10(33), 10(34) and 10(35)
Agricultural Income

Any rent or revenue derived from land which

is situated in India and is used for agricultural
purposes.

Any income derived from such land by

agricultural operations including processing
of the agricultural product,
raised or received as rent in kind so as to
render it fit for the market or sale of such
produce.

Income attributable to a farm house subject to

certain conditions.
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Brought Forward Losses Adjustment

Auto Set off of losses

Auto Brought forward of losses from
previous year
Transfer of Data to relevant ITR.
Auto Set off of losses.
.

Warns or restricts set off of losses across

different chapters of income.
Auto linking to various ITRs

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Brought Forward Losses Adjustment

This is the option through which you can auto carry forward previous
years losses.
Through this you can adjust this previous years losses with current years
profit with respective heads.
This option also do Auto Setoff of losses.
After doing setoff of losses it Transfers respective Data to relevant
ITRs.
.

System warns set off of losses with different heads of income.

This option is working as per Income Tax Rules.

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Investment U/S 80 C / Chapter VIA.

Cover all the Applicable Chapter VIA
Deductions
Covers all the Deduction applicable for
relevant assessment year and assessee type

Correlation to other chapters for computation

of computations of 80G, 80GGA etc.
It Covers Deductions from Section 80 C to
.
Section 80 U

Auto linking to ITR 1- 8.

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TDS & TCS :

To Access this screen select
Income Tax- Income Details
- select TDS & TCS.
Enter the respective amount as
Name TAN, Total TDS & TDS
claimed.
.

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Advance Tax
Advance tax means the Tax paid in Advance against liability of next
Assesment Year for the income earning during current financial year.

This advance tax percentages and installments are pre declare by I.T.
Department as under :For Corporate
For Individual
th
On or before 15 June 15%
This installment is not applicable
On or before 15th September 30% On or before 15th September 30%
On or before 15th December 30% On or before 15th December 30%
On .or before 15th March 25%
On of before 15th March 40%
This advance tax is not compulsory
for all the income tax payers, it is a
conditional liability. This is
applicable to those assessees whos
tax liability is after deduction of
TDS, TCS is greater than Rs.
5,000/- they have to pay this tax.

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Self Assessment Tax

This is an option through which you can pay balance
payment of tax which is pending after deduction of
TDS, Relief U/S 89/90, Advance Tax & then adding
interest U/s 234A, B & C.
Through S. A. Tax challan you have to clear
o/s liability of tax before filing return to IT Dept
Enter date of payment always in A. Y.
Enter amount of payment
Enter Name of Bank & Branch through which
.
you
have removed cheque .
Enter Cheque No & Date
Enter Bank name in which cheque deposited
with date
Enter BSR Code (7) & Challan Sr. No. (5) digit
Save entry & click on Print for challan print
Click on Online option for online payment

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Other Form Data

This screen enables you to
enter the information pertaining
to the return such as Due Date ,
Date and Place of Filing, the
Signatory etc. for a particular
selected assessee.
To access the screen select menu
Income Tax->Income Details > click Other Form Data Button
Note - Status 7, 8, and 11
.
are applicable as well as
'Section 11 Applicable' option
are ticked then "ITR-7
Details" button will be
activate.

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Other Form Data ..

Click on Balance Sheet button to enter the
details. (Please refer Business Page)
General Information I
To access the screen select menu Income Tax >Income Details -> click Other Form Data Button
-> click General Information Button.
Import From Excel & Export To Excel
options
are provided in General information I &
.
II.
To copy all Data Available in 'Form 3CD'
just click on button "Copy form 3CD data".
General Information - II
To access the screen select menu Income Tax
->Income Details -> click Other Form Data
Button -> click General Information Button.

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Printing Computation sheet

.To

access this computation sheet Income details - click on the

Computation Sheet.

you will see the following screen of

Computation sheet ..
.

you can print this return ,DMP

Or mail this in word .
Export this return in form of word .
And can save this return in Doc. mgmt .

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Printing ITR
.

After clearing your balance dues

your return is ready to file with I. T.
Department.
Click on Return of Income.
Different I. T. Returns forms will
display
.

Select appropriate form number

& print
It will display return on the
screen
On left hand side bottom there is
print option, click on that and take
print out.
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Printing ITR .
.

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Return E-Filing Procedure :

.

E-filing of return means filing of income tax

return to I. T. Department with the help of
internet from anywhere to avoid long ques
or time problem
If you want to do e-filing of return then you
have to click on the e-file button provided at
the bottom of screen in print display mode
Give
file name by which you want to store
.
Click on save
System will generate file with the name given
at a specified location with .XML extension

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Return E-Filing Procedure :

.

After checking for errors, If errors

found it will display screen like this,
we have to clear that errors from the
system itself
Again do the same procedure.
Now you will get message as file
validation process successful
Now your file is ready for uploading
on the I.T. Site through internet
.

How to upload file on website we will see from

the next slide

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Return Uploading :

For uploading return on the Income Tax

website you have to access that website
through Internet
Website link is
https://incometaxindiaefiling.gov.in
On this page you have to log in if you are
already user otherwise register
Registration to this site is PAN number
.based
Then go to submit return option
Select assessment year
Select appropriate assessment year
You get another screen

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Return Uploading. :

On this page system will display your

information like PAN, A.Y.
Then prompt you to select the name of
form i.e. I.T. R. number
Then prompt you to sign return with
digital signature
If you say Yes then ask you for the
format of digital signature
Click on the next
Then you will get screen where you have
.
to attached XML file created.
Click on upload this will submit your
return to I.T. Dept
You will get acknowledgement from I.T. Dept
which you have to print and post to
Bangalore I.T. Department
This procedure is same for all I.T.R.s

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THANK YOU .

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