TDS Reconciled, Tax Compliance Simplified.
This AI agent automates the critical tax compliance task of reconciling Tax Deducted at Source (TDS) entries recorded in the company's books of accounts with the details available in government-provided statements like Form 26AS (common in India). It identifies discrepancies to ensure accurate TDS claims and compliance.
The Problem
Problem Solved:
Manually reconciling TDS entries between company books and government portals (like Form 26AS) is a voluminous and painstaking task, especially for businesses with many transactions. Mismatches can lead to incorrect tax credit claims, notices from tax authorities, and potential financial liabilities.
Key Features & Benefits
Key Features & Benefits:
- Automated Matching: Drastically reduces manual effort in comparing TDS records.
- Improved Accuracy: Minimizes human error in identifying mismatches.
- Faster Compliance: Enables timely identification and rectification of TDS discrepancies.
- Mismatch Reporting: Clearly highlights differences in amounts, challan details, or party information.
- Reduced Tax Liability Risk: Helps ensure correct TDS is claimed and reported, avoiding potential penalties.
How It Works
How It Works:
The agent typically ingests TDS data from the company's accounting system and Form 26AS (which might first be processed by an AI Form 26AS Converter Agent if it's in PDF). It then uses Machine Learning (ML) based matching algorithms (considering PAN numbers, amounts, dates, challan details) to compare the two datasets. RPA can assist in data extraction and report generation. Discrepancies are flagged for review and follow-up.
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