With increasing scope of transactions attracting tax deduction at source (TDS) and tax collection at source (TCS) under the Income-tax Act, 1961, many organisations face challenges in ensuring timely compliances and accurate data reporting with the tax authorities.
Additionally, with the Government’s focus on such transactional taxes, multiple levels of data collection and extensive use of data analytics to identify anomalies, organisations often take significant time to provide explanations to such anomalies due to lack of adequate governance and well-defined processes.
It is important for tax and finance functions to report accurate data, comply on a timely basis and reconcile data reported to multiple authorities.
