Business requested a new TDS rate for the supplier to apply at invoice level.
Steps:
- Load new recovery tax rate.
Navigator: Setup and Maintenance à Financials à Manage tax codes
Business unit: XX IN BU
Tax regime code: IN WITHHOLDING TAX
Tax status code: STANDARD
TAX RATE CODE: XXX_194J_3
Rate: 0.35
Ledger: XXXXXX
Tax liability account: XXXXXXXXX
Step2: Assign tax code to tax classifications
Navigator: Setup and Maintenance à Financials Manage withholding tax classification
BU: XX IN BU
TAX RATE CODE: XX_194J_3
TAX: XX-SEC.194(J)
TAX REGIME CODE: IN WITHHOLDING TAX
TAX Classification code: XX_194J_3
Conclusion:
Business can be able to apply the WHT at invoices.
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