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.
We at TaxReco are mainly focused on automating the cumbersome Tax Reconciliation process at large scale through a simple, unified and standard workflows and improving the productivity of our customers.
Tax Reconciliation is a complex technical problem to solve especially at large scale.
Much of the complexity lies in the following areas at a high level.
With the end of Financial Year 2021-22, every company would start reconciling 26AS form with their TDS Receivable Ledger.
The amount of TDS/TCS appearing in form 26AS has to be claimed from the government, after reconciliation, when Income Tax Return is filed.
The Mighty #TaxAudit – The Income Tax Audit for the FY 2020-21 is in the news again. The date is extended one more time and there is a sigh of relief everywhere. Here is a take on what makes the tax audit a lengthy process.
TaxReco is a SaaS tax platform to disrupt the way tax departments of Indian companies works. TaxReco has a vision to automate all tasks done manually in excel sheets and require an audit trail to be maintained by eliminating repetitive, non-productive activities.
TaxReco would like to share our experiences on our product evolution and our technology’s critical role to be a catalyst to evolve our product based on our customer needs. I will try to document our journey so far and break this down into milestones and, more importantly, the challenges in terms of technology and the critical architectural/design decisions we took to overcome those. Here are the steps our product has gone through – stages of evolution.
