on 09-11-2014 5:13 PM
what is the process of amount exempted in extended withholding tax in vendor master exemption from period and to period is there present my client
flow the formula based. in that case we have to create a lot of tax code. can you please suggested me is there any procedure without using of formula based calculation.
Hi,
Please do the following say for example you have examption of 1.67% of WHT whose percentage is 10%. Then in the vendor master go to Withholding Tax tab, please enter following :
1. Exemption Number
2. Exempt percentahe (10 - 1.67 * 10 = 83.30)
3. Enter exemption reason if any.
4. Exempt from - Exempt To (Validity period).
Regards,
Tejas
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Hi
The concept of Exemption amount in Vendor Master is based on the Exemption certificate of the vendor received from the department. Say for example a vendor requires the TDS to be deducted at the lower rate they would have got the certificate from the department. Based on which you need to feed the values in the Vendor Master W.HT section. Here you will give the Exemption Number you are able to see on the certificate, Exemption % and Exemp.From & To Dates. Based on which while the invoice is being prepared against the vendor the TDS will be calculated.
or
If concessional rate then please use the Accumulation and formula's like
upto 1lk 5 %
1 to 2 lk 10 %
2 to 5 lk 12%.
You can check with this and if they are following any other formula please provide the formula
Regards
Divya S
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Hi,
Could you brief me how much amount exempts? Does it belongs to only one vendor or for all vendors?
Regards,
Mukthar
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