Clear launches cloud-based SaaS tool to manage TDS

By Leandra Monteiro

To streamline the complex, manual process of managing TDS for enterprises, Clear, an Indian FinTech SaaS firm, has built a cloud-based SaaS solution that can pre-validate data, file TDS returns and generate TDS certificates/Form-16s online to help enterprises manage their TDS returns process with ease.

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 has 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 checks, 206 AB checks, PAN-Aadhar linking checks, 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.

Sharing his insights on the new tool, 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.”