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21
Sep
2022
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. Able to file right compliances on time Have audit trail for all activities Real time management reporting Quick
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22
Aug
2022
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
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01
Aug
2022
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. However, in order
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18
Jul
2022
In BigData
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. Typically, this is a 2-stage process. Stage 1: The users upload their
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06
Jul
2022
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
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13
Jun
2022
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
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19
May
2022
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
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06
Apr
2022
With the end of Financial Year 2021-22, every company would start reconciling 26AS form with their TDS Receivable Ledger. The amount of TDS/TCS appearing in form 26AS has to be claimed from the government, after reconciliation, when Income Tax Return is filed. More often than
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14
Jan
2022
The Mighty #TaxAudit The Income Tax Audit for the FY 2020-21 is in the news again. The date is extended one more time and there is a sigh of relief everywhere. Here is a take on what makes the tax audit a lengthy process. Data
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02
Dec
2021
TaxReco has been discussing it since Feb 2021 as to how TDS Section 194Q will impact or has already begun impacting the way that tax teams work in companies across industries. For one thing, the spotlight has been put on Form 26AS reconciliation/ TDS Reconciliation