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
Technology has made inroads into every function of business. How can tax function stay away from this?
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.
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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.
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.
The recon of the 34A is probably the most crucial recon of the Form 3CD.
Usually, companies take the data as filled out in the TDS returns filed during the year and submit the same with the details from all the quarters.
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.
