Withholding Tax - Taxable Basis Formula - Assesable Value (Doc ID 2616514.1)

Last updated on DECEMBER 02, 2022

Applies to:

Goal

Qn1:Implementing tax for Indian customer and there is a ask for taxable amount is the amount populated in Assesable Value in Invoice Line. For Transaction Taxes, user is able to see, and have a feasibility of writing Taxable Basis Formula on Assesable Value, but for Withholding Taxes, users couldn't see an option to write formula on Assesable Value

Qn2:In case of prepayments, an invoice is created from the vendor which is inclusive of GST. As it is known the GST is not charged separately in case of Prepayment invoices,  hence the total invoice value include GST. However, as per Indian TDS law, The TDS cannot be deducted on GST portion so, we have to exclude GST from the invoice value. In Oracle, scenario, line amount includes GST therefore, we have requested that TDS to be charged on assessable value as we can manually change it to invoice basic value. Hope it clarifies. Thanks!
 

Solution

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