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
tax audits
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 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 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 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, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
Automation of TDS Reconciliation – Is it necessary?
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.
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.
Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Uncategorized
The Mighty #TaxAudit
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.
Process Automation, Tax Automation
Tax Compliance date extended ….. should it matter to you?
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.