TDS Catch - Expense Solution

Manage end-to-end TDS/ TCS compliances and related risks

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TDS Catch - Expense Solution

Overview

In recent years, with the scope of reporting by tax administration increasingly growing wider, businesses find it challenging to bring their entire supply chain within the ambit of Tax Deducted at Source (TDS) provisions and manage the compliance and reporting requirements seamlessly. Businesses are facing challenges in tracking TDS on expenses owing to voluminous data, master data verification and tracking, financial risk management, and compliance & litigation management.

Digital governance is thus imperative to overcoming the challenge of tax teams, auditors and consultants not having adequate visibility on important areas such as tracking the status of compliances and instances of non-compliances, understanding the impact of non-compliances, etc.

Our TDS Catch – Expense Solution is designed to provide a seamless digitised process for the management of the entire journey of Withholding Tax – TDS compliance requirements. It has a validation engine to check TDS that should have been deducted vs what was actually deducted, thereby helping in the early assessment of risks on appropriate TDS deducted, management of quarterly TDS returns and reporting of Clause 34, Clause 21(b) of the Tax Audit Report and disallowance management for Income tax return.

How BDO India Can Help

Seamless digitised process for end-to-end TDS compliance with management of monthly/quarterly/annual TDS compliance requirements. It helps in the early assessment of risks on account of non-compliance with TDS provisions under the Income-tax Act.

Facilitates: 

  • Independent re-validation of TDS deductible that helps in identifying variances with the actual TDS deducted
  • Aids in correlating expense records to corresponding TDS obligations
  • Master data management to assess the status of vendors, 
  • Tracking the validity of vendor documents such as lower withholding certificates, TRC or No PE declarations for non-resident vendors etc and considering the same for TDS calculations.
  • Identifying the transactions liable to TDS and mapping the TDS rate based on the nature of expense and master data verification. 
  • Variance analysis between ideal TDS determined by solution along with the basis of TDS calculations and actual TDS deducted as per ERP and tracking of reasons for variance.
  • Tracking of multi-year disallowances and allowances and unconsumed challans that can help businesses manage their cash flow and plan for future tax obligations. 
  • Monitoring of this information can be used to optimise tax planning strategies and reduce the overall tax burden.
  • Automated solution to streamline the process of determining TDS rates, 
  • Calculation of monthly TDS liability and facilitation of TDS payments, facilitates the preparation of quarterly returns, generation and dissemination of TDS certificates including option to digitally sign the TDS certificates and 
  • Prepare clause 34 and 21(b) of the tax audit report.

Fetches Master and Transaction data from the client’s ERP and connects it with the in-house solution using API integrators, SFTP or through manual Excel upload.

Automatic sharing of TDS certificates to vendors after TDS return filing.

Analytical view is available for consolidated entity-level and TAN-level information.

  • Assist in timely health check analysis for course correcting and managing future compliances.
  • Readily available reports which can be submitted to tax authorities during assessment proceedings.

Related Insights

Meet Our Leaders

Parijat Parimal

Parijat Parimal

Partner & Sales Lead Large Accounts
Technology Product and Solutions
BDO Digital
View Bio

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