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, Accounting Process, Process Automation, Tax Audit, Tax Automation
Accounting Process
Accounting Process, BigData, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
Unleash the Power of Technology in Finance – Insights from Gartner and Deloitte
Deloitte’s recent survey on Income Tax digitalisation in India reveals that businesses are rapidly adopting tax technology, with large organizations leading the way. As the finance function evolves, technology is becoming integral to tax operations, enabling efficient compliance, data management, and future-readiness. Find out how organizations are leveraging technology for finance transformation.
Accounting Process, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup
Challenges in Automation of Form 3CD
Clause 34 (a) requires furnishing of certain details regarding the amount of payment on which tax was required to be deducted and whether the same has been deducted and deposited to the credit of Central Government.
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 Process, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup
Objectives of Reconciliation Automation
While we are automating TDS Reconciliation (26AS Reconciliation & 34A Reconciliation) for customers – we would like to share recent experiences and instead redefine the purpose of automation.
Accounting Process, Process Automation, Tax Automation, Tax Law Changes, Tax Strategy
Pave your way through Clause 34(a)- The TaxReco way
Bringing technology into business for core administration tasks has been cited as one of the innovations that has rescued most corporate tax departments over the last two years…
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.