what is withholding tax
- 5 Answers
- 12670 Views
- Meru Cabs, TSMT, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / kiran kandre
The tax which is deducted at source and directly paid to
Income tax authority. In this case Income tax authotiry is
set up as supplier.
In some countries, if it is not required to pay to IT
authority then tax amount will be hold back by source
organisation
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / tshai
Withholding taxes are the tax amount deducted from employees
paycheck. This are subject to be payable to the government
by the employer
| Is This Answer Correct ? | 4 Yes | 1 No |
The amount which is deducted from the supplier invoice and withheld with the company for the purpose of paying that amount to the tax authority on behalf of the supplier is called withholding tax.
SETUP
1. Create a Special Calendar for withholding tax
2. Create a supplier of Type Tax Authority
3. Create Tax Code
Give the Tax Code name and Select the type as withholding Tax.
Give the GL Account for withholding tax.
Provide the withholding tax details:
Select the Tax Authority, site and the withholding special calendar
Rate Structure like
flat rate /amount ranges / period limit
Select the Tax type : Standard / Penalty
And give the rate.
4. Create a withholding tax group
Now allow the withholding tax for the suppliers to whom you want to withhold the amount for tax. This is achieved by enabling the allow withholding while supplier creation step.
So, whenever you create an invoice the withholding tax will be applicable for that supplier.
| Is This Answer Correct ? | 1 Yes | 0 No |
Whatever we deducting the TDS on income
| Is This Answer Correct ? | 0 Yes | 0 No |
AP entry's tansfer to gl but amounts not matched? what to do? How to correct it?
what is the difference between inventory org id and inventory organisation id
what is VAT claim process?
How many reporting Set of Books can be attached to one primary Set of Books
Explain Customer Creation and Maintenance Process. Provide samples of customer master records with Payment Terms.
What is the db number of a particular customer TCA?
How to transfer funds between your internal banks?
what is the meaning of fnd_request.submit_request(...) ?
What is the significance of Line Ordering and Line Grouping? Explain.
Purpose of Payable invoice open interface?
What is pay date basis?
What are the types of PO?
Oracle Apps Technical 
