Modern CFO’s and tax Heads like to be on top of this by applying for Lower Deduction certificate at the beginning of the year, reconcile tax statements and keeping a check on net amount of tax as refund/to be paid.
Quarter 4 of the business is the time to check the pulse of 26AS Reconciliation at transaction level, preparing reconciliation statements and following up with clients.
TDS is applicable on almost every sales transaction (of a company) whether services or material (for goods sales greater than INR 50 Lakhs). TDS deducted by customers is deposited with
Finance professionals deal with large volumes of tax & transaction data. They need to deal with this data for periodic compliances, management reporting, dealing with customers/vendors and audits & assessments.