Fintech Platform Offers Saas Solution
About 70% of enterprises that Clear surveyed struggle with their direct tax compliance
MUMBAI, Oct 8 (The CONNECT) – In an effort to streamline the complex, manual process of managing TDS – tax deduction at source – for enterprises, fintech firm Clear has built a cloud-based SaaS solution which can pre-validate data, file the returns and generate certificates or Forms-16 online to help enterprises manage their TDS returns process with ease.
As many as 70% of enterprises that Clear surveyed struggle with their direct tax compliance. These enterprises were using excel sheets and desktop-based tools that cannot handle their scale. Clear identified the need for technology to help them manage File Validation Utility (FVU) at scale and integrate with existing ERP tools.
Clear TDS is the only SaaS platform that can reliably handle enterprise-level scale, a company press release claimed. It can generate three million FVU files in 30 minutes. It has also automated bulk PAN verification, Aadhaar linking verification, Lower Deduction Certificate (LDC) consumption sync, challan consumption sync, and challan verification. The tool conducts 200+ checks before filing to ensure LDC check, 206 AB check, PAN-Aadhar linking check, and more.
In addition, the platform can generate advanced reports, including a TDS return summary report, Filing Status Dashboard at FY level, productised tax audit form report, challan report, and LDC report with live tracking, among others. It acts as a central repository for all challans. The technology also allows users to place all sorts of TRACES requests and generate web-based TDS certificates.
Archit Gupta, Founder and CEO of Clear, said, “In recent times, managing TDS has become complex with the introduction of several new sections like Section 206AA, 206AB, 194Q and Section 194R. Moreover, manual reconciliation of Form 26AS can be time-consuming and often result in errors. There could be mismatches between TDS statement and Form 26AS due to failure of the deductor to deposit TDS on time, incorrect amount entered in the TDS return, incorrect PAN quoted in the TDS return, mistake in the CIN (Challan identification number), the deductor’s PAN/TAN wrongly entered, among others. This can massively impact the cash flow of enterprises. Clear’s e-TDS solution is what they need to streamline the entire process so they can save time and continue with their business practices while being compliant.”
Clear is India’s largest tax compliance technology provider. Its product suite covers invoicing, GST, TDS, range of managed services and credit for small and large businesses. More than 4000 large enterprises and 1.1 million small enterprises use its technology solutions.