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, […]
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?
Before closing the financial year, TDS Receivable and Payable data shall be audited to avoid surprises during the tax audit later
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.
Clause 34 (a) requires furnishing of certain details regarding the amount of payment on which tax was required to be deducted and whether the same has been deducted and deposited to the credit of Central Government.
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
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.
Bringing technology into business for core administration tasks has been cited as one of the innovations that has rescued most corporate tax departments over the last two years…
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.
#financetransformation “Transformation is the key” #taxautomation #taxtechnology
We read this often on social media and many companies have successfully transformed the way their finance department functions and are reaping the benefits of transformation viz.
