• House Rent Allowance.(HRA)
• Standard Deduction.
• Repair and Collection Charges.
• Vacancy allowance.
• Depreciation u/s 32 and STCG u/s  50.
• Index Cost of Acquisition  and Improvement.
• NSC Interest Calculations.
• Tax on LTCG (10% or 20%) and other Incomes.
• Surcharge on Tax, if applicable.
• Tax Rebate u/s 88B for Senior Citizens.
• Tax Rebate u/s 88-C for Womens.
• Tax Relief u/s 89(1) in respect of Arrears of Salary, Gratuity etc..
• Interest Calculations u/s 234-A, 234-B and 234-C.
• Interest Calculations u/s 244-A on Refunds.
• Allowable Remuneration, Commission and Interest to the Partner`s  as per Book Profit of the firm.
• Calculations of Deemed Business Profit u/s 44-AD, 44-AE and 44-AF.
• MAT calculations u/s 115-JA / 115-JB.
• Calculations of Tax Credit u/s 115-JAA.
• Calculations of Tax on Dividend u/s 115-O.

FULLY MENU DRIVEN

KITRET package is fully menu driven. All options in the menu are self explainatory and also provided with On-Line Help.

ENTER REQUIRED ITEMS ONLY

KITRET provides the facility to enter the items in the required heads by selecting them from the menu instead of going into each and every heads.

SINGLE PLACE ENTRY

Certain figures are Automatically Transferred from one place to another as per the rules of the Income Tax Act. This avoids chances of operator's mistake. Following items are automatically transferred :-

• Amount of Salary, Commission, Interest and Profit of the Partners are automatically transferred from the Income Tax File of the Firm to that of the Partner under head " Share in Profit / Loss of Firm" .
• The NSC Interest Income automatically transferred to  Section 80-L. and Section 88.
• New NSC Purchase amount automatically transferred to Section 88.
• WDV Amount of the Depreciation table are transferred to the Next Year in respective blocks.
• Advance Tax Installments Amount is automatically transferred, when the Advance  Tax Challan is printed.
• Some of the Documents in the "List of Documents" are automatically updated for their number of certificates/copies attached, depending upon the entry in the respective income/deductions module.

USER DEFINABLE ASSIST FACILITY.

This is a very UNIQUE facility Provided in the  KITRET package. With the Help of this utility, one can generate the Master of the items at  every field levels. This reduces a lot of time during data entry, since, one has to just select the item by pressing a Single key instead of entering the whole string.

USER DEFINABLE SETTINGS FOR RETURN FORMS and CHALLANS

KITRET package is provided with the facility by which, user himself can set any type of printed Return Forms and Challans.

INTESIVE HELP

Package is provided with various types of help. The first one is the help which always displayed along with the options of menu and the various data-entry fields. The Second help can be activated thru CONTROL-F1 key. This help is editable and user can put his own experiences in this help. This help explains the currently displayed fields etc. The Third help is the Manual of the package, which can be either Viewed on the Screen or Printed on to the Printer.

ADJUSTMENT OF CAPITAL LOSS

• The capital loss of previous year or the loss pertaining to the current year for Short Term or Long Term is adjusted in such a way to have the minimum tax liability on the Assessee. 
• If the assessee falls under 30% tax slab, then the capital losses are adjusted first with the Short-term Capital Gain, then Long-term Capital Gain of 20% and then in last with the Long-term Capital Gain of 10%.
• Similarly, if Assessee falls under 20% tax slab, then the capital losses are adjusted first with the Long-term Capital Gain of 20%, then Short Term Capital Gain and then in last with Long-term Capital Gain of 10%.
• And if Assessee falls under 10% tax slab, the capital losses are first adjusted with the Long-term Capital Gain of 20%, then Long-term Capital Gain of 10% and in last with the Short term capital gain.
• From Assessment Year 2003-04, the Long-term Capital Loss is adjusted only with the Long-term Capital Gain, while Short-term Capital Loss can be adjusted with either Short-term Capital Gain or Long-term Capital Gain.

OTHER ADVANTAGES

• Income-Tax File of an Assessee can be copied from one Assessment year to another.
• Group-wise Files copying for transferring Data Between Two Computers at two different places running the KITRET packages
• Format of Computation can be set according to the  user`s requirement.
• Only the requred page(s) can be printed by-passing other pages. This saves Time and avoids Wastage of Papers.
• Run any DOS programs like WS, LOTUS directly from the KITRET package.
• Though KITRET is DOS Based package, it works very well in WINDOWS also. And it also supports printing on  Windows Based Printers.