on 03-25-2010 12:00 PM
Dear ALL
What are Non deductable tax & deductable tax?
How system determines which is the deductable & non deductable tax?
Regards
SANTOSH KADAM.
hii
FO some material we will be availing the CENVAT credit , that is called CENVA deductible . like raw material ,consumable, capital item with excise duties .
For Some cases , material will be excisable ,but we won't take CENVAT credit , this is called CENVAT non deductible.
Like , spare parts,some other material..etc.
IFu r using TAXINJ, maintain all the tax code conditions with Non deductible.
So that system will automatically hit the materials account for Non deductible materials .
Thanks
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Deductable taxex are those taxes for which we gets credit, and non deductable taxes are those taxes for which we can't take credit or setoff. Nondeductable taxes gets loaded to material or consumption account however deductable taxes hits the tax account for the debit entry and claearing account for credit entry in case of Excise duty and tax account for VAT or service tax for debit entry.
System checks the duductable/ nondeductable indicator in OBCN setting for an account key maintained for a tax codition type in tax procedure.
BR
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