The case study is about the difficulties faced by one of the leading Corporates during TDS compliance due to high volume of data and how we resolved it. Loaded with myriads of experience handling multiple changes in the Tax arena and technology since inception, we confidently committed to the task.
TDS Compliance has always been an arduous task for the tax team in many Corporates due to the complexities involved in handling high volume of transactions. They spend days together confronting various issues like Invalid / erroneous PAN, CHALLAN Mismatches and managing multiple Lower Certificates. Our job here was to simplify this tedious process reducing manual intervention and eliminating the risk of errors and provide a solution maintaining accuracy.
Backed by a strong and enthusiastic team of Technology and Tax professionals, we were able to quickly study the existing system. Despite the high volume of data, we were successful in providing ERP integration that allowed seamless flow of transactions and Master data getting rid of Manual data massaging. PAN verification and validation of 197 certificates were simplified by our Automated TRACES Integration. This also helped in utilisation of threshold limits across quarters, then to
adjust the surplus, if any. Our DNF Module helped them to forecast the likely notices generated on TRACES. We achieved 99% accuracy on PAN verification and upto 95% reduction on short deductions. With our customisation, TDS compliance is done in a few hours now which used to be a few days earlier.