Data Cleaning & Data Transformation
TaxReco’s Data Transformation Module can automate data cleaning and transformation activity, which is essential before TDS Payable reconciliation
BigData, Process Automation, Tax Audit, Tax Automation
Accounting Basics
Accounting Basics, Accounting Process, Process Automation, Tax Audit, Tax Automation
TDS Audit Checklist
Before closing the financial year, TDS Receivable and Payable data shall be audited to avoid surprises during the tax audit later
Accounting Basics, Process Automation, Tax Automation
26AS Reconciliation – Issues & Solution
Issues faced in 26AS Reconciliation and their possible solutions using tax technology like TAN to PAN search
Accounting Basics, Accounting Process, Tax Automation, Tax Strategy, Tax Technology Startup
Decoding Tax Deducted at Source (TDS) for Beginners
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person/company (deductor) who is liable to make payment of specified nature to any other person/company (deductee) shall deduct tax at source and remit the same into the account of the Central Government
Accounting Basics, Accounting Process, Process Automation, Tax Automation, Tax Law Changes, Tax Strategy
Clause 34(a)- Tax Audit Reporting- Nitty Gritty and Challenges Involved
Clause 34 of Tax Audit Report (Form 3CD) requires Tax Auditors to comment on the overall Tax Deducted at Source (TDS/TCS) compliances by the tax payers. In accordance with the guidelines issued by Institute of Chartered Accountants of India on this clause, the auditors ask for a reconciliation of Financial Statements with the TDS/TCS returns.
Accounting Basics, Accounting Process, Tax Strategy, Tax Technology Startup
Transforming Finance through Tax Technology
#financetransformation “Transformation is the key” #taxautomation #taxtechnology
We read this often on social media and many companies have successfully transformed the way their finance department functions and are reaping the benefits of transformation viz.
Accounting Basics, Accounting Process, Tax Automation, Tax Law Changes, Tax Strategy
New TDS sections 194R and 194S
01 July 2022 marked another important date for the TDS provisions. It marked the introduction of new sections under the TDS chapter of the Income Tax, 1961. It remains in line with the directive of the government to bring more and more accountability and transparency in the economy. This time the government targeted new areas of the TDS application.
Accounting Basics, Accounting Process, Tax Automation, Tax Law Changes, Tax Strategy, Tax Technology Startup, Tech Startup
TDS payable under 34A – Manner and Problem areas
The recon of the 34A is probably the most crucial recon of the Form 3CD.
Usually, companies take the data as filled out in the TDS returns filed during the year and submit the same with the details from all the quarters.
Accounting Basics, Accounting Process, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
Automation of TDS Reconciliation – Is it necessary?
Tax Deducted at Source (TDS) is applicable on almost every purchase made by an organization,
whether goods or services.
Companies are supposed to deduct TDS as per Income Tax Act on behalf of Government and deposit
TDS on monthly basis. Non-compliance attracts penalties, disallowance of expenses and prosecution
in some cases.
Accounting Basics, Accounting Process, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
26AS vs 16A for the reconciliation with TDS receivable
There has been confusion regarding this hot topic. The question is simply that if a business needs to reconcile then it should reconcile with 16A issued by the deductors or the tax credit statement of 26AS. To resolve this confusion, we need to be back to basics of the TDS receivable reconciliations.