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Upcoming Statutory


 Statutory Updates for Taxation Modules,
                                             Returns and Annexures

In view of the latest statutory requirements and the increasing compliance by businesses falling under the purview of Value Added Tax, various enhancements are being introduced in Tally.ERP 9. These business specific enhancements pertaining to changes in VAT Rates, Forms and Annexures etc. are provided for each State to ensure smooth functioning of day-to-day operations and timely filing of VAT Returns in the physical as well as the electronic modes as per the requirements of the Department.

Updates pertaining to Stat Release 234

Indian Taxation

Excise for Dealer/Importer

♦ Latest XML schema is supported to generate e-returns for dealers and importers

♦ In Sahaj (ITR1) of assessment year 2014-15 the row, 80EE is provided

♦ As per the Union Budget 2014-15, changes to exemption and deduction limits
   of income tax are supported

Tax Deducted at Source
♦ New state code, 36 is added for Telangana to support the requirements of e-TDS
   validation tool 4.3 and file format versions - 4.6, 4.9 and 5.0

Value Added Tax

The following new VAT rates are supported
♦  VAT rate of 2% on Polyester Filament Yarn
♦  VAT rate of 2.5% on all types of used motor vehicles
♦  VAT rate of 3% on Oil Seeds in purchase transactions

♦  VAT forms and annexures are enhanced to support 8% VAT rate

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