Compliance contains the method required to follow the particular jurisdiction's tax laws and regulations. It comprises accurately reporting income, deductions, and other relevant information to senior management, which ensures that tasks are completed without missing any statutory compliance liabilities. For individuals and businesses, compliance with tax liabilities is important to fulfil their legal responsibilities and avoid penalties, fines, or other legal repercussions related to non-compliance. EazeMax software is here to facilitate the same procedure that proposes operations that support the taxpayers to meet their tax compliance requirements.
The Compliance & Task Manager is important for keeping the integrity of the tax system, which ensures that all the compliance pertinent documents and processes are completed at the internal management level so that no compliance problems remain unresolved.
Various regulatory laws and regulations are there that are amended frequently, which makes it unfeasible to track updates. Thus, it is important to have a system that ensures that individuals remain informed of such legal amendments.
EazeMax software updates you about the actual changes occurred in the applicable regulations and ensures that no one misses any compliance due date, which saves them from any future penalty.
From intricate tax laws to ever-changing regulations and burdensome procedures, various issues exist in navigating tax compliance in India. Below are the encountered problems
The tax system of India is multifaceted, containing income tax, Goods and Services Tax (GST), and various state-level taxes. Comprehending and adhering to these laws poses challenges for businesses and individuals.
In India, the tax laws change frequently, which makes it difficult for taxpayers to stay ahead of the latest requirements and adjustments.
For taxpayers and businesses, the disputes over taxes are widespread in India, which leads to delays and uncertainty.
Taxpayers in India, specifically in rural areas and the informal sector, do not have awareness and understanding of their tax liabilities, which inadvertently leads to non-compliance.
Tax compliance expenses like hiring tax professionals and maintaining meticulous records can be important for businesses, especially small and medium enterprises (SMEs).
EazeMax, via a holistic solution for compliance management, handles such issues. The software has a user-friendly interface and intelligent tools that facilitate your compliance tasks.
Through our virtual assistance, you will never miss a deadline, as the reminders will be sent to you for the upcoming compliance requirements and guide you through the submission process to ensure punctual compliance
Get a free DemoEazeMax will analyse the data that you feed, like your turnover, capital, and net worth, and determine the compliance needs of your business, which covers areas such as GST, Income Tax Act, TDS, MCA, SEBI, PF, ESI, Bonus Act, etc. You will fulfil legal and regulatory standards through this.
Users for the event-related compliance choose the pertinent questions from our compliance checklist. It eases the identification of requirements based on the event or situation, making it simpler for addressing required compliance tasks.
The same sections specify the applicable compliances founded on the selections incurred in both the general and questionnaire sections. It provides the users simpler access to their chosen compliance measures, which furnishes a facilitated approach to comply with the regulatory and other compulsory requirements.
In the Task Tab, tasks are made based on the compliance selections made in the previous step and assigned to employees/users. It confirms that obligations are delegated, rectifying the efficiency and accountability in fulfilling compliance requirements.
From the selected task, the "Procedure" tab auto-generates steps, enabling efficient assignment to employees/team members. Task delegation, workflow enhancement, and transparency improvement shall be facilitated in this automation. The same encourages collaboration, assures process adherence, and fosters operational efficiency while lessening errors across the team and facilitating compliance management.
Both employees and users under the “Required Documents” tab are authorised to see the list of important documents and request any missing documents from the client side to finish the compliance task. The same tool optimises the process of document collection, which makes efficient communication and secure acquisition of all required documentation while streamlining compliance management.
This step outlines all tasks related to the compliance requirement that the client must complete, along with the status of each task. Clients can easily track which tasks are pending and which have been completed, review essential steps, and manage relevant documentation. This section simplifies the compliance process, boosting clarity, efficiency, and improved organisation.
The category also offers several excellent features to support the quick compliance and task management requirements, enabling outperformance in the last-minute rush for data input and compliance data. Given below are some notable features: