-
26
Mar
2024
Less than seven days are left for the financial year 2023-24. Tax teams need to be assured about the numbers after reconciling their books’ data with the government data. Let’s Review the end-of-financial-year checklist for Tax Deducted at Source (TDS). TDS Receivable The TDS Receivable
-
12
Jan
2024
Reconciling 26AS form with books is an important activity for tax team. There are multiple issues faced by tax teams during 26AS reconciliation and hence it is always drifted towards year end and finalized before filing Income tax return. 26AS reconciliation is not a year
-
05
Dec
2023
Know(ing) your customer (KYC) is always important and helpful whether in sales, marketing, human resource or in finance. Let us take the case of TDS Reconciliation and understand how not knowing the customers or vendors can hurt a company. 26AS Reconciliation In 26AS form, TAN
-
26
Jun
2023
When it comes to choose between manual process and automated process, obvious response is Automated Process. But any organization would like to weigh the options before taking a call between the two. Let’s look at the different options available and the associated costs Let’s look
-
26
May
2023
Deloitte Touche Tohmatsu India LLP (DTTILLP) recently conducted a survey on Income Tax digitalisation in India 2023. The Objective of survey was to Understand the industry’s outlook on various technology initiatives of the Central Board of Direct Taxes/Income Tax Department. Here are key findings from
-
27
Apr
2023
In BigData
Data is the new Oil – this famous quote was given by Mathematician Clive Humby in 2006. Like Oil, data is valuable but if unrefined, it cannot be really used. (https://en.wikipedia.org/wiki/Clive_Humby#:~:text=In%202006%2C%20Humby%20coined%20the,it%20cannot%20really%20be%20used.) While interacting with customers, TaxReco has identified that data is available with customers but
-
11
Apr
2023
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
-
17
Jan
2023
In recent years TDS has become a transaction tax and it is applicable on almost every transaction like GST. It is very important for a company/person to comply with TDS rules and any failure in TDS compliance may lead to penalty or assessment notice. Let
-
20
Dec
2022
With business dynamics changing every year, companies have been making changes in their products, customer outreach, customer service etc. These changes are done to ensure that top-line (sales) growth is maintained and bottom-line (profit) is maintained too. Whether it is about implementing bots to answer
-
08
Dec
2022
While we are automating TDS Reconciliation (26AS Reconciliation & 34A Reconciliation) for customers – I would like to share recent experiences and instead redefine the purpose of automation. Yes, automation can help you to improve productivity and accuracy but to reach that stage – some