| # Tax Handling In India, taxes differ from state to state. The concept of handling taxes at state level is introduced and new fields such as State/Province are added to make the tax handling easier. Multiple Tax Registration numbers & Sequential invoice numbering Multiple tax registration numbers are maintained for a business partner and the financial company. The Tax registration number is a unique number provided by the tax authorities. The concept of sequential invoice numbering is introduced to identify multiple registration numbers by a unique sequence number. You can set up the invoice series in the Invoice Series by Registration Number (cisli1501m000) session. Tax Deducted at Source (TDS) Withholding Tax or Tax Deducted at Source (TDS) is a method of collecting income tax at the origin of payment. Income Tax is deducted either at the time of registration for payment (liability) or during actual payment, whichever is earlier. The tax deducted at source must be paid to the government. Deduction of Withholding Income Tax or TDS applies only to the payment of purchase invoices for services received , for example, services from a contractor. TDS can apply to purchase invoices, credit notes, and on payments such as advance payments and standing orders. Tax Declaration The process of tax declaration involves of preparing, paying and submitting the tax declaration to tax authorities or the collection office. Infor ERP LN generates postings after submission of tax declaration. |