Question 1

What is Genius Software?

Accepted Answer

Genius software is return filing software resell by a Surat-based taxation & accounting software seller company- Sai Infotech. It is one of the most popular and widely appreciated software that is helping professional clients file different returns since the Assessment Year 2001-02. Irrespective of number, clients can file Income tax returns, tax deduction at source (TDS) returns and Annual Information Report, etc in compliance with the latest rules & regulations of the government using Genius software.

Question 2

What are the main modules included in Genius software and their specific uses?

Accepted Answer

Answer: Genius software is a comprehensive suite built with six powerful standalone modules, each designed to handle a specific aspect of taxation and accounting compliance. The modules are:

Gen-BAL (Balance Sheet): Automates the preparation of final accounts, including Trading, Profit & Loss, and Balance Sheets strictly adhering to the Revised Schedule VI format for companies.
Gen-IT (Income Tax): Handles accurate income tax computations for various entities and facilitates both online and offline e-filing of returns.
Gen-CMA (Credit Monitoring Arrangement): Generates projected, estimated, and provisional financial reports required for availing business loans from banks.
Gen-Form Manager: Provides a vast library of legal formats, including affidavits, bonds, deeds, and other legal agreements.
Gen-e-TDS (Tax Deducted at Source): Manages quarterly TDS/TCS statements, generates forms like 26QB and 26QC, and processes correction statements.
Gen-SFT (Statement of Financial Transactions): Prepares SFT returns and offers generic submission utilities for easy data uploading to the government portal.

Question 3

Is there any GST Billing Option Available?

Accepted Answer

Yes, the software has the GST billing facility to maintain the records of the remaining amount obtained through the customers including the record of the obtained fee for the services offered to them.

Question 4

What are the built-in utility features available in Genius software?

Accepted Answer

Answer: Beyond tax return filing, Genius software is packed with essential utilities that make it a one-stop solution for Chartered Accountants and tax practitioners. Key utility features include:

Practice Management: An integrated billing system to track client dues and maintain a professional fee ledger, along with a centralized client information database and telephone directory.
Data Security: Robust backup and restore functionalities coupled with customizable password settings to safeguard sensitive client data.
Reference Database: A vast repository of India-specific codes, including all-India PIN codes, STD/ISD codes, TAN/PAN-AO codes, MICR codes, IFSC codes, Bank BSR codes, and TIN FC lists.
Document Management: Built-in Document and File Managers to help you organize client paperwork digitally without switching applications.

Question 5

Can I E-file My Income Tax and TDS Returns?

Accepted Answer

Yes, you can e-file the income tax and TDS returns. The software provides the solution for calculating the needs of the income tax, self-assessment tax, Advance Tax, and Interest calculation u/s 234A,234B,234C. The software helps in finding out the TDS amount, makes the TDS returns compute the interest and penalty along with late filing fees

Question 6

Can I buy a single module of Genius software based on my practice needs?

Accepted Answer

Answer: Yes, absolutely. Genius software offers highly flexible purchasing options. You are not obligated to buy the entire suite if your practice only requires specific functionalities. For example, if your primary work involves TDS compliance, you can opt for the Gen-e-TDS module individually. This modular approach is a cost-effective solution for tax professionals, allowing you to scale up by adding more modules only when your client base grows.

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