Data Cleaning & Data Transformation
TaxReco’s Data Transformation Module can automate data cleaning and transformation activity, which is essential before TDS Payable reconciliation
BigData, Process Automation, Tax Audit, Tax Automation
Tax Reconciliation
Accounting Basics, Accounting Process, Process Automation, Tax Audit, Tax Automation
TDS Audit Checklist
Before closing the financial year, TDS Receivable and Payable data shall be audited to avoid surprises during the tax audit later
Process Automation, Tax Automation, Tax Law Changes
TDS Reconciliation – Importance of KYC
Validation of TAN number and PAN Number is important for TDS Reconciliation. How companies can automate these processes to avoid notices and penalty from Income Tax Department
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 Process, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup
Objectives of Reconciliation Automation
While we are automating TDS Reconciliation (26AS Reconciliation & 34A Reconciliation) for customers – we would like to share recent experiences and instead redefine the purpose of automation.
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.
BigData, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
Probabilistic Data Structures in the world of large data processing
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.
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, 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, BigData, Process Automation, Tax Automation, Tax Strategy, Tax Technology Startup, Tech Startup
Automating the cumbersome Tax Reconciliation process at large scale
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.