Tag: India localization

Tax rounding option in Indian accounts

Round-off is part of legal compliance in India Taxation as per Section 170 of the CGST Act and 288B of Income Tax Act, the correct method of rounding off is normal rounding. So, all the amounts of tax, interest, penalty, refund, or any other amount payable should be rounded off to the nearest rupee as… Continue reading Tax rounding option in Indian accounts

TDS Section 194 Q – Applicability in NetSuite

Typically, all TDS sections include an amount slab, and if this limit is exceeded, TDS must be deducted from the very first rupee. This is why, in NetSuite, we check the Retrospective Check box. However, in the case of TDS Section 194Q, retrospective TDS deduction is not necessary; instead, deduction is required only on the… Continue reading TDS Section 194 Q – Applicability in NetSuite

E-invoicing via India localization SuiteApp

The India Localization SuiteApp enables you to generate and process outbound electronic invoices (e-invoices) for transactions. You can generate e-invoices for the following supported transactions: Bill Credit or Vendor Credit Cash Sale Credit Memo Invoice The SuiteApp enables you to: Connect NetSuite with the GST Suvidha Providers (GSPs). Generate outbound e-invoices that comply with the… Continue reading E-invoicing via India localization SuiteApp

TDS Threshhold calculation – example

User created Tax Deduction at Source Rule (1.5%) with a Document Threshold of 30,000.00 and Year Threshold of 100,000.00, and wants to know how TDS Liability will be calculated when Vendor Bills with the following amounts are raised:  Bill 1 = 4,000.00 Bill 2 = 15,000.00 Bill 3 = 40,000.00 (changed to 25,000.00 after Bill… Continue reading TDS Threshhold calculation – example

TDS Threshold calculation in NetSuite

Threshold Calculation Based on Date Created: Currently, the TDS calculation is determined using the date of creation of the transaction rather than the transaction date (trandate). This means that if a backdated transaction is created (e.g., an April bill entered in June), it will be considered for TDS threshold calculation based on the June date… Continue reading TDS Threshold calculation in NetSuite

Tax reconciliation via ClearTax

The tax report reconciliation process can be automated by removing the manual intervention only through ClearTax integration with NetSuite. The India Localization SuiteApp enables you to generate and process outbound electronic invoices (e-invoices) for transactions. You can generate e-invoices for the following supported transactions: Bill Credit or Vendor Credit Cash Sale Credit Memo Invoice The… Continue reading Tax reconciliation via ClearTax

LUT Bond Setup

The full form of LUT is Letter of Undertaking. It is a document that exporters can file to export goods or services without having to pay taxes. Under the new GST regime, all exports are subject to IGST, which can later be reclaimed via a refund against the tax paid. They can apply for LUT… Continue reading LUT Bond Setup

TDS Calculation based on Tax rule

TDS Calculation Based on Tax Rule TDS is calculated based on the tax rule applicable to the bill. The following combinations are available to set up tax rules: Tax rule without threshold basis – When no threshold basis is set for a rule, TDS is calculated based on the section code, vendor type, effective period, and… Continue reading TDS Calculation based on Tax rule

NetSuite Performance Issue due to India localization bundle – troubleshooting

Workaround for resolving the performance issue due to India localization bundle: Customization > Scripting > Scripted Records Edit Record (ex. Vendor Bill Record) Undeploy all Scripts in User Event Scripts and Client Scripts relating to SuiteTax such as bundles ‘SuiteTax Engine | Bundle ID: 237702’ and ‘India Localization SuiteTax Engine SuiteApp | Bundle ID:400562’, by… Continue reading NetSuite Performance Issue due to India localization bundle – troubleshooting