Skip to Content
0
Jun 02, 2020 at 07:11 PM

With holding tax exemption for vendor invoices

146 Views

Hello Gurus

In India there is a law that suppliers can be charged a lower TDS if they have been provided exemption by govt.

I aware that formulae can be set up in with holding tax configuration. However we have a problem that we have already invoiced one of our supplier for Rs fifty one lakhs since the start of financial year and now the supplier has given us an exemption letter that upto rs fifty lakh of invoice in a year he should be charged a lower TDS rate of 6 percent and above rs fifty lakhs TDS should be twelve percent The problem is that invoices have been posted so even if we set up formulae based calculation the system may not take care of invoices posted and tax paid since start of year to government

Please advise how we can handle this scenario.

Thanks much in advance for guidance

Regards

Neha