Financials for India - EBS (MOSC)

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As per the new CBDT circular, the TDS needs to be calculated on Invoice Amount less of Service tax

edited Jan 20, 2014 11:58PM in Financials for India - EBS (MOSC) 8 commentsAnswered
As per the new CBDT circular, the TDS needs to be calculated on Invoice Amount less of Service tax components. Currently 2 types of invoices are booked PO/MRN matched and direct Invoices. In both the cases there may be service tax component. Currently in both the expense lines as well as for the service tax lines the TDS section is attached and hence TDS is calculated for all the components. Going forward only on the expense/asset line TDS need to be calculated.
For example if the Invoice is for 11236 and is distributed as
10000 for Expense
1000- Service Tax
200 - Education Cess

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