Tax compliance solution is a generic term used to describe the available software to perform tax compliance for income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, etc. The solution automatically calculates your complete tax liabilities to the government, keeps track of all the transactions (in case of indirect taxes), keeps track of any tax credit you are eligible for etc. The solution can also automatically generate any fo...
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Tax compliance solution is a generic term used to describe the available software to perform tax compliance for income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, etc. The solution automatically calculates your complete tax liabilities to the government, keeps track of all the transactions (in case of indirect taxes), keeps track of any tax credit you are eligible for etc. The solution can also automatically generate any forms or filings required for tax compliance. The solution will have pre-defined tax rates and slabs and can allocate your income or revenue in the right slab itself. The aim of the solution is to provide the user with easy calculation and minimize any human interface and hence the chances of error. Tax compliance solutions have been present in developed countries for long in the form of tax calculators mainly for direct taxes, such as Income tax and corporate tax. Gradually some more complex and customized tax compliance solutions were designed...
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