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.
It is time for finance teams to have a software which they can use on daily basis to organize and analyze data.
Technology has made inroads into every function of business. How can tax function stay away from this?
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.
We at TaxReco typically deal with large datasets for a variety of customers.Our Reconciliation Engine has got a suite of comprehensive matching algorithms to match the financial transactions from different data sources.
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.
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.
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.
