Data is the New Oil
It is time for finance teams to have a software which they can use on daily basis to organize and analyze data.
BigData, Process Automation, Tax Automation, Tax Technology Startup, Tech Startup
Planning
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.
Accounting Basics, Accounting Process, Tax Automation, Tax Strategy, Tax Technology Startup
Why is 26AS Reconciliation not a year-end activity?
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.
Accounting Process, Process Automation, Tax Automation, Tax Law Changes
How to reconcile TDS effectively?
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
Accounting Process, Process Automation, Tax Law Changes
One year of TCS Section 206C 1H and One quarter of TDS Section 194Q – How have things changed?
This Diwali marked the completion of First Quarter of TDS u/s 194Q which was implemented w.e.f. 01 July 2021 and also the completion of First year of TCS u/s 206C 1H which was implemented w.e.f. 01 Oct 2020.
The new provisions have affected the cash flow of many industries by impacting how their transactions are taxed.
Tax Automation, Tax Strategy
Board Room Discussions on Tax!!
“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”