The Withholding Tax configuration enables the system to calculate and report TDS in India. The standard functionality is mainly used in withholding of tax from vendor invoices and depositing the same with the tax authorities.
The basic withholding tax settings for India (Country India Version) will include the following sub processes which are commonly used within the main process.
- Defining withholding tax keys
- Defining branch offices (Section codes)
- Defining withholding tax type invoice & payment posting
- Defining withholding tax type for ECESS at Invoice posting
- Maintaining surcharges
- Defining withholding tax codes
- Defining GL accounts to post the withholding tax
- Maintenance of number ranges for tax certificates and Challan
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