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 has been discussing it since Feb 2021 as to how TDS Section 194Q will impact or has already begun impacting the way that tax teams work in companies across industries.
For one thing, the spotlight has been put on Form 26AS reconciliation/ TDS Reconciliation
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.
“When the business is so tightly knotted with tax policies and the system of credit claiming with the features of the cross assessment, there cannot be any board meeting complete without the due discussion on the tax function”
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.
With TDS section 194Q being applicable from Jul1, 2021, TDS shall be applicable to transactions in manufacturing sector. Is the sector ready to handle compliances?
Tax Compliance date extended ….. should it matter to you? – Last week, the Central Board of Direct Taxes (CBDT) extended due dates for compliance, return filings, tax audits, providing significant relief to taxpayers due to the pandemic.
