Frequently Asked Questions on TDS - Tax Deducted at Source under Section 194Q
(Doc ID 2782087.1)
Last updated on NOVEMBER 18, 2024
Applies to:
Oracle Financials for India - Version 12.1.1 and laterInformation in this document applies to any platform.
Purpose
Provide clarifications to frequently asked questions on Tax deducted at source under Section 194Q in Oracle Financials for India.
Questions and Answers
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In this Document
| Purpose |
| Questions and Answers |
| What is Section 194Q under Income tax and its business impact ? |
| Is Section 194Q be applicable over services ? |
| What are the primary objectives for introduction of Section 194Q ? |
| What is the taxable basis for TDS under Section 194Q ? |
| Is TDS required to be deducted on GST tax lines? |
| What are the tax rates applicable under Section 194Q ? |
| What should be the exception certificate number when defining exception thresholds for vendor ? |
| What are the recommended pre-requisite patches, if any ? |
| Will Section 194Q be applicable on invoices created prior to 01-July-2021 ? |
| How to handle invoices which are created between 01-April-2021 till 30-June-2021 ? |
| Will this section 194Q be applicable for Inter Organization / Branch transfers ? |
| Is there any mechanism for defaulting TDS based on item classification as this section is particularly applicable over sale of goods? |
| Will TDS section 194Q be applicable on Sale ? |
| How to comply with compliance requirements under Section 194Q using Oracle e-business suite? |
| Query to pick the invoices which are eligible to be considered for threshold calculation under section 194Q from 01-April-2021 till 30-Jun-2021 based on supplier and site combination ? |
| Query to pick the invoices which are eligible to be considered for threshold calculation under section 194Q from 01-April-2021 till 30-Jun-2021 based on segments / code combination id(CCID's) ? |
| How to update threshold for old invoices i.e. which are raised between 01-APR-2021 and 30-JUN-2021? Is there any interface script provided? |
| How to handle the case of incorrect TDS invoices generated upon breaching thresholds, for 194Q ? |
| How to handle the case where TDS amounts generated incorrectly for the Invoices breaching threshold slab transition and has prior vendor groupings loaded via Interface script(194Q)? |
| How to handle the case where wrong TDS amount is generated for case where invoice is created with amount greater than exception threshold amount? |
| How to handle the case where vendor threshold grouping form is not listing all section codes ? |
| List of common errors encountered when running interface script. |
| How to handle TDS on O2C transactions ? |
| References |