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OFI: What Is The Setup Required For Tax Deducted at Source (TDS) Rate Revision For Section 194(H) As Per Union Budget 2024 (Doc ID 3043384.1)

Last updated on FEBRUARY 13, 2025

Applies to:

Oracle Financials for India - Version 12.2 and later
Information in this document applies to any platform.

Goal

As per the recent union budget 2024, there are certain amendments to TDS rates. With respect to Fidelity Business Services India Private Limited (FBSI), the TDS rate for Section 194H (TDS on commission/brokerage) has been revised to 2% from 5% earlier. The rate change is effective from 1st October 2024.

Accordingly, business will need to configure the updated rate in the system in order to trigger the revised rate for invoices being processed on or post 1st Oct.

Please let us know what are the setups required for the same?

Solution

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In this Document
Goal
Solution


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