Income Tax Return filing season is started and we are generating and sending the Capital Gain & Loss reports to all the clients.
There are some missing information/ updations which I wish to highlight, which will make the reports more useful and up to date.
1. We can give the option to add Financial Year transaction statements in the Capital Gain reports itself which is always needed by the Tax Consultants to update the accounting records. Transaction statement is available to generate through a separate menu which is time consuming where we need to select the Client and date for which the report is needed.
2. We are giving Summary of ELSS investments during the year which is very useful but we have not included the Retirement Funds from various AMCs which also qualify for Section 80 C benefit in the Income Tax, Please add this as early as possible as our report is incorrect with this missing information.
3. We are giving valuation reports as on 31'st March which is a welcome feature as it is needed for Balance Sheet purposes. We can remove the Market value column from here as it has nothing to do for the accounting needs. If some IFA's think that it should be given, we can make it optional by giving the necessary option in the reports menu.
Hope you will find the above suggestions as important updates and do the needful to implement as early as possible.