The MCA has been progressively including all registered companies to file their Annual Returns in XBRL format. With increasing adoption of e-filing standards by the government, the need for Business Applications to simplify this process for end-customers has been growing.

With the majority of businesses in India having their financial data in Tally, the new release is expected to benefits lakhs of businesses overnight, the company said in a press release.

The capability comes with the ‘Power of Simplicity’ ethos of Tally, and will enable professionals (like chartered accountants) and regular businesses to use it with equal ease.

Tally Solutions has made this release and service available at no cost to its existing users of their latest version, and a simple way for older users who migrate to the latest one. For new buyers of Tally, the facility is free for the first year. Charges will only apply during the next cycle of renewal, and in Tally’s customary fashion, it will remain affordable.

To ensure complete coverage, Tally leveraged the extensive domain expertise of IRIS Business Services Limited (www.irisindia.net). Over the last five years, IRIS has been very closely involved in the XBRL space, in taxonomy creation, software solutions and in the conversion of structured and unstructured data into XBRL for SEC filing in the US.

“Tally’s XBRL feature is an easy, efficient and accurate tool to convert data in XBRL format. Unlike other software where data needs to be entered afresh every year, creation of Ledger accounts in line with Taxonomy once, takes care of the data forever,” said Ganesh V, a chartered accountant.

“This enables the corporates not to look at XBRL as an additional statutory burden but an easy tool to comply, with just the click of a button, with existing resources,” he concluded.