TDS Catch - Income Solution

Overview

It is often challenging for taxpayers to accurately determine the eligible Tax Deducted at Source (TDS)/ Tax Collected at Source (TCS) credits owing to difficulties such as reconciling voluminous data, the time difference in booking entries in books vs entries appearing in Form 26AS, tracking multi-year credit, control and monitoring and blockage of working capital. These obstacles may lead to loss of tax credits, impacting cash flows and increasing tax risks.

Our TDS Catch - Income Solution implements seamless reconciliation processes that track, monitor and integrate data, making the organisation compliance-ready and avoiding impacts on critical cash flows.

How BDO UAE Can Help

Our highly skilled team of domain and data experts at BDO UAE help clients gain significant benefits through adequate management of data and timely tax compliance.

• Automation of Reconciliation Process

Invoice-wise multi-year reconciliation of both income and TDS/TCS credit as per books with Form 26AS. Auto-tagging of reasons for reconciliation and mismatch based on robust inbuilt logic. It features a 3-way TDS reconciliation with a built-in TDS validation engine.

• Data Processing and Validation

TAN-PAN mapping to build a correlation between records from books with records from Form 26AS. Tracking of TDS/TCS threshold limits and utilisation of lower deduction certificate information.

• TDS and TCS Determination

Identifying the transactions liable to TDS/TCS and mapping the TDS/TCS rate based on the income. Determination of the ideal TDS/TCS deductible/collectible.

• Reports and Dashboards

Analytical view available for TDS/TCS credits and status of reconciliation for income, TDS/TCS, system-generated user-tagged actionables, and details of unutilised TDS/TCS credits.

• Notifications and Reminders

Notifications to users where lower tax deduction certificates are nearing expiry. Reminders on pending actions for users.

• Integration with ERP

Fetches Master and Transaction data from the customer ERP and integrates with the BDO India solution.

• Compliance & Assessment Ready

Reconciliation reports along with reasons for reconciliation and mismatch which can be submitted to tax authorities during assessment proceedings. Data management for applying for a lower deduction certificate.

• Customer and Vendor Communication

Sending intimations/communications to customers and/or vendors, wherever necessary and tracking responses received from customers/vendors.