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As of September 2024, TallyPrime 5.0 is the latest version.-

TallyPrime 5.0 has two different versions:

• TallyPrime 5.0
• TallyPrime Edit Log 5.0

The key difference between the two is the Edit Log feature. The Edit Log version maintains an permanent record of all changes, while the regular version allows users to enable or disable this feature as needed.

Both versions come with the following features and product enhancements:

Accounting & Compliance Needs with Connected GST

With TallyPrime 5.0, businesses can upload and download GST returns such as GSTR-1, GSTR-3B, and CMP-08 directly from the software. This streamlines the process and reduces the risk of errors.

Download reports like GSTR-2A and GSTR-2B quickly and easily, making compliance faster and more accurate.

Automated Tax Calculations (TDS under Section 194Q)

For purchases exceeding ₹50 lakhs annually, TallyPrime 5.0 automatically deducts TDSstrong> based on payment type. This eliminates the need for manual tax calculations, ensuring accuracy and compliance.

Manage TDS exemptions for government entities and handle Form 26Q reporting with ease, improving the overall tax management process.

Tally Plug-In Management

TallyPrime 5.0 introduces the ability to extend software functionality with Tally Plug-Ins i.e; Tally-Capital, which enables users to check credit scores and apply for loans directly through TallyPrime.

Enhanced Payment Management

TallyPrime 5.0 simplifies payment handling by allowing users to sort pending bills by due date, bill date, and balance. This ensures timely payments, avoiding penalties and late fees while improving cash flow management.

Strip View for Enhanced Readability

The new Strip View feature highlights alternating rows in reports and vouchers, making large datasets easier to read. This feature is especially helpful for printing and sharing documents.

Instant Notifications via Bell Icon

Stay informed with the Bell Icon, which provides notifications for crucial tasks like GST uploads, return filings, TSS renewals, and license management. Manage all alerts from a single screen, improving workflow efficiency.

As of March, 2024, TallyPrime 4.1 is the latest version. -

TallyPrime 4.1 has two different versions:
TallyPrime 4.1 Edit Log and TallyPrime 4.1. The former has an edit log that cannot be turned off, and the latter has an edit log that can be enabled or disabled as per user convenience. This is the only difference between the two versions.

TallyPrime 4.1 Edit Log and TallyPrime 4.1 versions come with the following features -

1. MSME Feature (Micro, Small & Medium Enterprises.)

The new MSME feature helps small businesses and those dealing with them easily figure out if a business is classified as an MSME and keep track of any unpaid bills.

Additionally, buyers from small businesses can swiftly submit their Form MSME 1, providing all necessary information about overdue payments.

For Registered MSME Businesses:

• Manage UDYAM Registration details, make changes, and track alterations with dates.

• Print invoices with UDYAM details for MSME status awareness.

• Easily track due payments and send reminders for timely payments.

For Businesses trading with MSMEs:

• Set up suppliers' MSME status.

• Pay bills from MSMEs before the due date.

• Quickly access info on overdue payments and report if needed.

• Review all unpaid bills to understand income tax deductions.

2. E-Commerce Summary Report

For businesses selling online through platforms like Amazon, Myntra, and Flipkart, TallyPrime Release 4.1 now offers an e-Commerce Summary Report in GSTR-1.

This report breaks down taxable values and taxes (IGST, CGST, SGST, and Cess) and provides GSTIN-wise sales data for each e-Commerce operator.

It simplifies entering the necessary details on the GST portal.

As of December, 2023, TallyPrime 4.0 is the latest version. -

TallyPrime 4.0 has two different versions:
TallyPrime 4.0 Edit Log and TallyPrime 4.0. The former has an edit log that cannot be turned off, and the latter has an edit log that can be enabled or disabled as per user convenience. This is the only difference between the two versions.

TallyPrime 4.0 Edit Log and TallyPrime 4.0 versions come with the following features and other product improvements -

1. TallyPrime with Whats App for Business

TallyPrime Release 4.0 brings to the feature of instant communication via Whats App for Business. This helps you take advantage of technology advancements and experience enhancements in communication.

Businesses can send documents and digitally signed financial statements directly from TallyPrime to one or more parties or stakeholders in a single click with the use of Whats App. Similarly, You can send reminder letters and invoices to your parties via Whats App and get responses from them.

2. Import Data from MS Excel

Manual data entry for high volume data is a nightmare for any business. To address this, TallyPrime Release 4.0 provides seamless import from MS Excel. This is in addition to the existing option to import XML files. This will allow you to retrieve the data in your Excel workbook and import it into TallyPrime.

What’s in store:

• Effortlessly import masters and transactions from Excel.
• Use any of the default templates/sample Excel files.
• Take data curated in any Excel workbook and map it to fields in TallyPrime, regardless of the format or order.
• Identify errors that occurred during import from the logs created while importing.

3. Graphical Dashboard

TallyPrime's dashboard allows you to analyze your business information in an intuitive format. Previously only sales and purchase dashboards are provided by default, now you can also create various different dashboards.

Dashboard in TallyPrime offers flexibility to:

1. Add tiles or hide tiles, configure each tile independently, include or exclude data points, and so on.
2. Restrict access to dashboards, based on user rights.
3. Create different dashboards for different purpose, organise tiles as per your preferences, and save the views.
4. Load a dashboard as the home screen when you open a Company.
5. Print, export, and share with stakeholders by e-mail or Whats App.

Here are some newly introduced features in Tally -

• E-way Bill

  Generate E-way bill while creating entries in Tally itself. You have the option to generate a single e-way bill while creating an entry or you can generate bulk E-way bills by going to the Exchange Menu in Tally 

• GSTIN / UIN and HSN / SAC validation

  Tally Prime 2.0 provides instant validation of GSTIN / UIN and HSN / SAC entered in Tally. This will ensure you do not enter any wrong details.

• Save view of a report

  You can now save the view of a report i.e you can save the configurations of the report for future reference.

• Better experience for report viewing on the browser

  The mobile view for viewing reports in Tally has been given a new delightful experience. While viewing reports in Tally, the report is automatically adjusted to fit your screen and thus you do not need to manually adjust the report.

Here are some newly introduced features in Tally -

• You can now calculate TCS depending on your type of business practice - TCS on either realisation/receipt of the invoice or accrual. You can also switch from one method to the other in transactions and party ledgers.

• There are some exemptions to the deduction of TDS. For example, some parties make TDS payments at the time of the current transaction itself. Such parties can be exempted from the TDS set TDS deduction while recording the transaction.

• For government listed buyers, in Tally, you can set such parties as exempted from TCS and calculate the tax component as per appropriation.

• You can now generate Form 27EQ for TCS.

• Ledgers can now be made without the PAN details. You can check the list of buyers as well as update the required details in the party ledger.

• You can now configure TCS in sales ledger or stock item this helps you set the TCS for a stock item and thus you do not need to update the TCS for every transaction.

• In this version, the E-invoice Sandbox experience has been introduced. It will help you -

  • Get familiar with how e-invoicing works on the live IRP.

  • Create E-invoice and voucher simultaneously

  • Create, cancel, alter and get E-invoices in bulk

  • Experience e-Invoicing without any impact on your GST Returns.

All these Sandbox features can be experienced with an expired TSS or in Educational Mode

Other than these various product improvements have been done to improve user experience.

• IFF filing is now supported in Tally by providing option for section-wise export of GSTR-1.

• TallyPrime supports VAT for Oman. You can now enable VAT, set registration details, set tax rates, make duty masters, implement VAT in transaction details n TallyPrime for Oman VAT.

Product improvements -

• Issue of Printing logo on simple invoice format has been resolved. In some options, logo was not being printed.

• Change display settings to Bright or soft as desired.

• The issue of transporter name not being printed in the E-way bill when generated from the portal has been solved.

• In E-invoicing process, after verifying the e-invoice using the acknowledgement number, the product description was showing blank this issue has been resolved.

• E-invoices were being rejected by the E-invoice system when UoMs with 4 decimal points were being rounded off for a few stock items. This also has been solved.

• Issue of missing bill wise reports when printing the ledger voucher’s report in the condensed format has been resolved.

• Appearance of Any@0% in sales transaction of TCS category has been solved. Even the rate printed in some cases was showing incorrect numbers. This also has been solved.

• Bank reconciliation statement for Kotak Mahindra Bank, showed MAV error while using the ‘Reconcile all unlinked’ feature after import of a bank statement. This is resolved now.

• Cheques can now be printed in vertical centre mode.

• Voucher total have not been matching after saving a contra voucher from bank statement. This issue is solved now.

• You can now export payment instructions file in encrypted format by uploading the files on Bank of Baroda portal.

• E--payments for Yes Bank - You can select Delimited - Corporate Net Banking option along with fixed Width - Corporate Net Banking format in the E-payment configuratIon screen.