Technology Skill

Tax compliance software is software that assists tax compliance, and may cover income tax, corporate tax, VAT, service tax, customs, sales tax, use tax, or other taxes its users may be required to pay. The software automatically calculates a user's tax liabilities to the government, keeps track of all transactions, keeps track of eligible tax credits, etc. The software can also generate forms or filings needed for tax compliance. The software will have pre-defined tax rates and slabs and can allocate income or revenue in the right slab itself. The aim of the software is to provide the user with easy way to calculate tax payment and minimize any human error. Tax compliance software has 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 software has been designed and developed by organizations around the globe. Read more at Wikipedia external site