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what is withholding tax
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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
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