what is withholding tax
- 5 Answers
- 12652 Views
- Meru Cabs, TSMT, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / kiran kandre
The tax which is deducted at source and directly paid to
Income tax authority. In this case Income tax authotiry is
set up as supplier.
In some countries, if it is not required to pay to IT
authority then tax amount will be hold back by source
organisation
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / tshai
Withholding taxes are the tax amount deducted from employees
paycheck. This are subject to be payable to the government
by the employer
| Is This Answer Correct ? | 4 Yes | 1 No |
The amount which is deducted from the supplier invoice and withheld with the company for the purpose of paying that amount to the tax authority on behalf of the supplier is called withholding tax.
SETUP
1. Create a Special Calendar for withholding tax
2. Create a supplier of Type Tax Authority
3. Create Tax Code
Give the Tax Code name and Select the type as withholding Tax.
Give the GL Account for withholding tax.
Provide the withholding tax details:
Select the Tax Authority, site and the withholding special calendar
Rate Structure like
flat rate /amount ranges / period limit
Select the Tax type : Standard / Penalty
And give the rate.
4. Create a withholding tax group
Now allow the withholding tax for the suppliers to whom you want to withhold the amount for tax. This is achieved by enabling the allow withholding while supplier creation step.
So, whenever you create an invoice the withholding tax will be applicable for that supplier.
| Is This Answer Correct ? | 1 Yes | 0 No |
Whatever we deducting the TDS on income
| Is This Answer Correct ? | 0 Yes | 0 No |
What is the difference between Secondar ledger and Reporting Currency Ledger.
What is PO rate variance Gain/Loss
How can we Define Corporate law sob and Income Tax law Sob?
What is the difference between SR
Can you create an Invoice in USD, while the Standard PO has been created in EUR?
4 Answers Deloitte, Genpact, Siotel, Sitel,
What is ment by depreciation override? Can we override depreciation?
what is the accounting convention? what are they?
What is auto invoice
payable new features
What is on-account receipt account , un-applied receipt Account, and un-identified receipt account in ar ?
can we define 2 different currency revaluation at a time??
For what purpose we assign qualifiers to our segments?
Oracle Apps Technical 
