Large companies’ tax teams spend the majority of their time on compliance
According to a Deloitte poll released on Tuesday, tax teams at major corporations spend an average of 70% of their time on tax compliance and desire the cross-utilization of data gathered by multiple government agencies to reduce the need for reporting. According to the poll, TDS compliance is a burden for firms, and reporting under tax requirements may be made simpler to improve reconciliation.
A reduction in IT compliance by using filings made by taxpayers under other rules, such as GST, annual return filing with MCA, and FEMA, was highlighted by two-thirds of survey respondents and 84% of businesses with a turnover of above Rs 6,400 crore.
Companies having a revenue of between Rs 500 and Rs 3,000 crore valued computer-based scrutiny selection and quick refund and return processing. 129 tax specialists responded to the poll.
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