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.
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”
The idea of TaxReco originated from our co-founders Avdhesh Sharma and Vijender Singh Bachal, who are highly experienced in solving tax-related matters for various organisations. Through their experience, they realised that organisations in India often struggle to reconcile their tax data (B2B) with their vendor or customers.
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.
TaxReco Industry Talk Series – TaxReco in discussion with Mr. Dauji Gupta of AF Ferrari Secure Logitech Pvt. Ltd. discussing Importance of 26AS Reconciliation
TaxReco Industry Talk Series – TaxReco in discussion with Mr. Dauji Gupta of AF Ferrari Secure Logitech Pvt. Ltd. discussing impact of unreconciled transactions in 26AS reconciliation
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.
