Withholding tax calculation on AP invoices for India OU
We have a requirement for one of our clients to accommodate below before 1st Jul owing to new levy in India. May I know if anyone has implemented WHT solution for below/similar solution in EBS.
Appreciate your response with the approach/design to see the feasibility of implementing same/similar for below as well.
Environment – EBS R12
No India Localization, it’s just EBiz Tax.
Requirement – Section 194Q:
Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1% of such sum exceeding 50 lakh rupees as income-tax.