Automatically calculate thresholds and apply TDS once limits are exceeded
Dear All,
This is regarding the TDS applicability criteria based on cumulative transactions with suppliers during a financial year. As per the requirement, for SEC_393(1)_8(II)_194Q 0.1%:
Before 2.5 lakhs of business, no TDS will be applicable.
After INR 2.5 lakhs of business with a supplier, TDS at 1% on CGST and 1% on SGST is applicable on base amount.
After crossing INR 50 lakhs, TDS at 0.1% on the base value + TDS at 1% on CGST and 1% on SGST is applicable.
The threshold limits are manually tracked in Tally, and TDS is applied accordingly in Oracle Fusion.
However, now the expectation is to have this threshold calculation automated within the system, so that TDS gets applied automatically once the defined limits are crossed.