26AS Reconciliation, reconciling Form 26AS with the TDS Receivable Ledger remains one of the most time-consuming activities during tax closing and return filing cycles for many organizations What appears to be a simple matching exercise often turns into a complex challenge involving: As businesses grow and customer volumes increase, traditional spreadsheet-based reconciliation becomes inefficient, error-prone, […]
TDS Return revision time limit has been changed to 2 years from 6 years after amendment in section 397(3)(f) of Income Tax Act, 2025
Companies follow different methods of TDS accounting – Accrual based v/s Receipt based accounting. With an objective to reconcile sales and TDS both with 26as form, which method is more suited?
Explore possible reasons for Tax Credit mismatch with Form 26as, how to resolve them and best practices for 26as reconciliation with books
TaxReco’s Data Transformation Module can automate data cleaning and transformation activity, which is essential before TDS Payable reconciliation
Before closing the financial year, TDS Receivable and Payable data shall be audited to avoid surprises during the tax audit later
Issues faced in 26AS Reconciliation and their possible solutions using tax technology like TAN to PAN search
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
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.
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