Indian businesses using the latest TallyPrime 5.0 now can streamline their GST returns, automate TDS Section 194Q tax calculations, and manage Tally Plug-Ins effortlessly with Connected GST and TallyPrime.
For users in the Middle East and Bangladesh, TallyPrime offers the convenience of native language support, allowing you to use your preferred language across various networked computers.
Experience enhanced control with customizable bill sorting, clearer invoices and reports with Stripe View, and timely notifications for crucial tasks.
Additionally, there have been notable enhancements to the product.
Master Your Accounting & Compliance Needs with Connected GST
Welcome to an effortless GST compliance experience. Balancing your books with GST requirements is now easier than ever, all within the existing flow of TallyPrime.
- Key features
- Simpler Uploads & Downloads: Upload GSTR-1, GSTR-3B, and CMP-08 directly from TallyPrime to the GST portal. Download GSTR-1, GSTR-3B, GSTR-2A, and GSTR-2B in just a couple of clicks.
- Effortless Filing: File your GSTR-1 directly from TallyPrime without even opening the portal. Choose your filing method such as DSC or EVC.
- Real-Time Party Information: Swiftly create and validate party ledgers using real-time details from the portal. No more manual entry of party information. Just fill the GSTIN/UIN of the party.
- Key Insights on ITC: Track your ITC at risk with great accuracy for one or even hundreds of suppliers using Bills Payable. Similarly, with Bills Receivable, track the status of invoice uploads against the pending bills of a party. Gain further clarity with detailed reports such as Ledger Vouchers – GST and Ledger Outstandings – GST, and other predefined saved views.
- Benefits
- Resolve mismatches and rejections effortlessly to ensure smooth filing and upload or download.
- Save time with automated processes, such as upload, download, and party validation, which are securely connected to the GST portal.
- Stay informed with real-time clarity in your compliance and financial transactions directly within TallyPrime.
- Ensure compliance with minimal effort, leaving you with more time to focus on your business growth.
- The best part is that you can choose from the best of both worlds, that is, Connected GST as well as the existing offline features, as per your convenience.
Automated Tax Calculation to Comply with TDS Section 194Q
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- Experience a hassle-free deduction of tax to comply with the Finance Bill’s Section 194Q for TDS purchases of goods. This includes:
- Automated computation of TDS on purchases exceeding Rs. 50 lakhs annually, based on the Nature of Payment.
- Handling TDS exemptions on purchases from Government entities eligible for exemptions under Section 194Q.
- Updating TDS Nature of Payment for one or more parties from a common report within Form 26Q.
- Recording advance payments from parties with TDS-integrated Stat Adjustment option for better reporting in Form 26Q.
Sort Pending Bills to Manage Payments Effectively
TallyPrime Release 5.0 brings advanced features to optimize your payment management and improve report readability. With the new payment management system, you can now efficiently sort and manage pending bills. Payments can be made in the order of due dates, ensuring that the oldest bills are settled first. This system helps mitigate the risks of late fees and penalties. Additionally, you can sort bills based on various criteria such as Bill Date and Balances, tailored to fit your business needs.
Enhanced Report Readability with Stripe View
The latest update introduces Stripe View, a feature designed to enhance the readability of reports and vouchers, especially when dealing with large volumes of data. Stripe View highlights alternating rows in reports and vouchers, making it easier to read and analyze entries. This feature can be applied to all reports and vouchers or selected ones as per your preference. Whether you’re printing, exporting, or sharing documents from TallyPrime, Stripe View ensures clarity and ease of use.
Stay Updated with Instant Notifications Using TallyPrime 5.0’s New Bell Icon
Experience improved notification management with TallyPrime 5.0. The new Bell icon and Notifications report keep you informed about crucial tasks such as TSS renewals, license management, and TallyPrime updates. For Indian users, it also provides alerts on GST uploads, downloads, and return filings.
With this update, you can:
- Receive Timely Alerts: Get notifications for multiple activities consolidated in a single report, ensuring you stay on top of your business responsibilities.
- Take Direct Actions: Act on notifications directly from the report, minimizing the need to switch between screens or modules.
- Customize Alerts: Configure when the Red Dot appears on the Bell icon to match your preference and stay informed effectively.
TallyPrime 5.0’s new notification system enhances your workflow by keeping essential updates and tasks front and center.
Other Enhancements
TallyPrime 5.0: Key Updates and Enhancements
Seamless Data Migration Upgrading to TallyPrime Release 5.0 from Release 3.0 or later is now effortless. Simply back up and load your company data; TallyPrime will automatically update the data version. This update ensures compatibility with the latest version while preventing data loading in earlier versions.
Compliance with Finance (No. 2) Bill 2024-25 TallyPrime 5.0 integrates the latest income tax slabs for employees under the New Tax Regime as per the Finance (No. 2) Bill for 2024-25. Employers can now:
- Comply with recent budget changes.
- Ensure precise income tax calculations across employee profiles.
Enhanced Edit Logs The issue of excessive data size due to Edit Logs for Price Level and Bank Reconciliation has been resolved, optimizing performance and storage.
Seamless WhatsApp Integration When sharing Payment or Receipt vouchers, the recipient’s WhatsApp number is now automatically filled from the party ledger, simplifying the sharing process.
Improved Bulk Data Processing Bulk data tasks, including Import, Synchronisation, and Bank Reconciliation, are now faster and more reliable, with reduced risk of data corruption.
GST Enhancements
- Update GST Status Effortlessly: Update GST-related details in your masters without disrupting your workflow. Choose to update GST Status either while saving the masters or while accessing GST reports.
- Direct Access to GST Registration Details: View GST Registration History directly under More Details, streamlining access.
- Reset Delete Requests: Easily manage deleted or altered vouchers by resetting the delete request after exporting or exchanging vouchers.
- Efficient Non-GST Transaction Management: Non-GST transactions are now directly marked as Not Relevant for This Return in GST reports, simplifying their management.
- Bulk Fix Uncertain Transactions: Resolve multiple Uncertain Transactions in GST reports at once, eliminating the need for individual resolution.
- Purchases & Debit Notes: Transactions without Supplier Invoice Details are now correctly categorized and can be updated directly in relevant sections.
- GSTR-1 Export Enhancements: Include or exclude previously exported transactions during GSTR-1 export using the right button.
- Export GSTR-2A and GSTR-2B in Old Format: Export GSTR-2 to Excel in the old GSTR-2A format by enabling the option for the old format.
- HSN/SAC for B2C Transactions: Configure HSN/SAC Summary applicability for B2C transactions to prevent uncertainties.
- HSN/SAC Limit Configuration: Set HSN/SAC length based on your Annual Aggregate Turnover (AATO), choosing from 4, 6, or 8 digits.
Track MSME Outstanding Bills by Activity Type In the party ledger under MSME Registration Details, set the enterprise Activity Type as Manufacturing, Services, or Traders for better tracking and settlement of Outstanding Bills.
Optimized Invoice Printing Reduce paper usage with optimized printing. The feature minimizes header repetition and maximizes space for invoice details, making printing more cost-effective.
TallyPrime 5.0 delivers significant improvements in data management, compliance, and usability, enhancing your overall business efficiency.
