- Manual Form 26AS reconciliation with books of accounts is time consuming
- Lack of comfort on the TCS or TDS reconciliation for voluminous data sets (error prone)
- Lack of visibility on overall TCS or TDS receivable.
Challenges of tax/finance function
How our tech enabled managed services addressed the challenges?
- Automated TCS or TDS reconciliation of voluminous transactions through use of our in-house 26AS Reconciliation solution
- Auto data validation rules integrated to check single PAN against multiple parties and vice versa, PAN-TAN / TAN-TAN mapping features, inbuilt fuzzy logic to match names of parties etc.
- Multiple parameters for TDS reconciliation – e.g., match including GST amount, one to many transactions, many to one transactions
- Leveraged experience of our tax professionals and center of excellence team (COE) for scrutinising mismatches and possible actions required for TDS reconciliation
- Provided comprehensive report with analytical dashboards giving overview of TCS or TDS available and potential leakages
The end-to-end TDS reconciliation process was managed by us.
Outcomes
- Increased accuracy (more than 90 per cent reconciliation achieved) through technology enabled Form 26AS reconciliation solution
- Highlighted TDS of INR 1.5 Cr+ as excess tax deducted by parties on GST value on which TDS should not have been deducted result in blocking of working capital
- Significant reduction in time and effort spent by client team on TDS reconciliation process with enhanced digital governance.
