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Need to create new tax codes for 194C and 194 J

Former Member
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Dear Experts,

Iam new for Withholding Tax. User need to create two more tax code for their requirements , ie 194C : 0.5% and 194J  :6%.how do i proceed the further process . and where should i do the configuration . Please send me documents.

Thank & Regards

VijayKumar.

Accepted Solutions (0)

Answers (2)

Answers (2)

Former Member
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Hi Vijay,

Withholding steps as follows:

1. Define the withholding Tax Type for Invoice and Payment Posting

2. Define the withholding Tax Code : 194C & 194J

3.Define formulas for calculating withholding Taxtype

4.Assign withholding Taxtypes to Company Codes

5.Define Accounts for Withholding tax to be paid over(OBWW)

6.Assign the defined Taxcode to respecive vendors.

Hope this would help you

Former Member
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Dear Experts,

Thank you very much ,I have finished successfully,

Vijay

yogesh_kshatriya2
Active Participant
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Hi Vijay Kumar,

go to the following path

spro -> Financial Accounting (New) -> Financial Accounting Global Settings (New) -> Withholding Tax -> Extended Withholding Tax -> Calculation -> Define Withholding Tax Codes

Copy the existing 194C or 194J tax code. And change the percentage and Tax code. If the behavior of the new tax code is same except rate then there is no need to change the Tax type.

This is the easiest way by which you can create the tax code.

Regards,

Yogesh.