Important Features of XBRL Software

  • Blog|Income Tax|
  • |
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 1 March, 2022
XBRL software is used to prepare and file accurate financial statements with MCA.

Features of XBRL:

1. Integration with MCA:

  • Fetch updated info from MCA Website by entering the DIN or CIN.
  • Validate XML file using MCA Utility within the software itself.
  • Generate ready-to-upload XML file and upload on MCA website.

2. Excel Import-Export:

  • Simple import-export functionality through excel templates
  • Download Excel templates with or without data
  • Quickly upload or edit data by importing pre-filed excel template

3. Prepare & File Unlimited Returns with XBRL Tool:

Prepare and file unlimited returns forms in any of the following formats: C&I – AS C&I – Non-Ind AS Cost Audit Report  

4. Interlinking:

  • Details furnished in one field is auto-populated in all related fields
  • Get step-by-step guidance to prepare and file the financial statement
  • Search in any page field or page from one search box
  • Facility to search with ‘tags’

5. Audit Trails:

  • Attach working papers in support of any field
  • Place footnotes or sticky notes in any field
  • Define roles and rights of users
  • Create different level of user for better administration and control

6. Auto Calculation:

  • Auto calculate the fields in groups and sub-groups
  • Get complete detail about any field by clicking on it, i.e., connected field, description, type, validation, definition, hindi translation, etc. 
  • If one field is updated, all connected fields are updated automatically

7. Simplified Work Flow:

  • Powerful dashboard to assists you in searching and controlling the clients
  • Search companies on CIN, Name of company, PAN, etc.
  • Get instant access to records of a client pertaining to multiple years
  • Configure email ids and send emails to the client directly from the tool

8. Support:

  • Get support through multiple ways – Skype, Call, WhatsApp, Team viewer, etc.
  • Get instant support from professionals and developers
  • Extended hour support available during peak timings

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

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