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Financials for India - EBS (MOSC)

TCS for Vehicle Purchase

Sep 19, 2018 2:48AM edited Oct 5, 2018 5:00AM in Financials for India - EBS (MOSC) 16 commentsAnswered

Hi,

How to create TCS Tax Code in Oracle Financials for India for Vehicle Purchase. Our Business requirement given below for further clarifications.

1. We are purchasing vehicles from Dealers.

2. If any vehicle value is greater than Rs. 10 Lakhs, we need to pay 1% TCS to the details.

3. This TCS Value should not be added in vehicle Cost, i.e when we capitalize this vehicle as asset do not consider this TCS value.

4. This TCS value should goes to TCS Receivable account and to be adjust with TDS Collection & Payments.

How to achieve this requirement in Oracle Financials for India ( After GST).

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