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TCS ties up with Mashbra

Tata Consultancy Services has entered a joint venture with Mashbra Industries Private Limited to develop a specialised financial software package.

The software will be based on the TDS package developed by tax expert Dr Vinod K Singhania. It will be compatible with the TCS 'EX New Generation' financial accounting package.

The compatibility reduces double punching of data and in the process saves time, money and risk of error.

Mashbra's TDS package can compute the exact amount of tax to be deducted under different sections of the Income Tax Act.

It can also generate Form 16 and 16A, annual returns duly filled with data.

According to Mukesh Bhargava, the joint venture would revolutionise financial sector accounting. Mashbra's TDS software will be updated each year following changes made by the Union budget.

Apart from the TDS software, Mashbra has also developed software on income tax accounting and planning. This software works out tax liability under various incomes and generates various income-tax returns.

- Compiled from the Indian media

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