Navigate Tax Credit Solution
A PwC India Product
Navigate Tax Credit is the perfect solution for all your reconciliation-related woes relating to Form 26AS. It is equipped with features such as automated matching, a comprehensive repository, and intuitive reports, and will help you enhance your revenue and tax credit management. Clients may now retrieve reconciled information easily, reduce manual intervention for repetitive mismatches, and save considerable time and effort.
Background
Appropriate recognition of withholding taxes and disclosure of corresponding income has become increasingly important owing to:
Increasing focus on tax credit accuracy
Grant of tax credit exclusively on the basis of Form 26AS
Emphasis on income and withholding tax correlation
Loss of tax credits is essentially a loss of business revenues
Actual cash credit or refund to customers under certain business models
Challenges
Lack of visibility into or control over reporting and deposit of withholding tax by customers
Dynamic nature of Form 26AS –no last date for changes to withholding tax returns
Limited information available in Form 26AS
A lost withholding tax credit is lost revenue for the business
A large number of transactions with varying issues in reporting by customers
Key Features
Automate the matching of Form 26AS with books of accounts
Internal notification system to business users
Mechanism to park or reconcile across years
Includes an option to manually match records
Provides intuitive reports that help in taking appropriate and timely actions
Illustrative Dashboard
Key Benefits
Better revenue and tax credit management
Easier retrieval of reconciled information across years
Reduced manual intervention for repetitive mismatches
Substantial savings in time and effort required
More accurate claim of tax credits in tax returns
Leads to better preparedness for tax assessments
Indicative Commercial Model
- Pricing is subject to the number of divisions or operating units number of sales transactions
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