Vendor exemption is a key configuration in NetSuite that allows businesses to define conditions under which a vendor is excluded from certain financial or compliance processes, most commonly tax withholding. This functionality is particularly useful for organizations managing large vendor networks, enabling them to streamline operations while maintaining regulatory compliance. Historically, NetSuite offered two distinct… Continue reading Vendor Exemption (India Localization SuiteTax Engine SuiteApp 2025.2)
Tag: tds
Tax Deduction at Source Tax Details Reports
The India Localization SuiteTax Engine SuiteApp enables you to view the tax details for each tax type using saved searches. This helps you to review the tax details of your desired transactions before you pay taxes or file tax returns. To view the tax details for your desired transactions, you can either use the following… Continue reading Tax Deduction at Source Tax Details Reports
Payment of TDS in NetSuite
Please find below a detailed guide on how to manage TDS payments and reporting using the India Localization SuiteTax Engine SuiteApp in NetSuite: Steps to Pay TDS in NetSuite 1. Viewing TDS Tax Details The India Localization SuiteTax Engine SuiteApp enables users to review tax details for each vendor bill transaction using saved searches. This allows businesses… Continue reading Payment of TDS in NetSuite
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
Vendor Exemption – Things to Note
Vendor Exemption The Vendor Exemption tax rate rule is used to calculate the tax exemption for a vendor on the basis of their Certificate Number. All tax rules under Vendor Exemption uses the default Vendor Exemption tax type and tax codes sourced from the India Localization SuiteTax Engine SuiteApp. Things to note when you are… Continue reading Vendor Exemption – Things to Note
How to create TDS section Codes
The section code determines the Tax Deduction at Source (TDS) tax rate rule that will apply to atransaction. Go To Customization> List records> Record types Find : India Tax Section Code for TDS Click on New record link provide following values Section code — Enter a unique code and name for this record. Challan code… Continue reading How to create TDS section Codes
Add TDS GL Impact on Vendor Prepayment Record
The client would like to add the TDS to the Vendor Prepayment record since the standard TDS process is not applicable for vendor prepayment records. TDS on Amount Field: Create a new field for fetching the TDS% on the vendor prepayment records. Generate a workflow to apply the TDS formula on Payment Amount using the… Continue reading Add TDS GL Impact on Vendor Prepayment Record
Calculate TDS Automatically on Vendor Bill
Requirement: Calculate the amount on the vendor bill automatically based on the TDS % on the vendor record. Solution: A new field will be created to store the India Tax Section Code on vendor records. Also will create a new transaction line checkbox field “Tax Code Update” on a bill to record whether a different… Continue reading Calculate TDS Automatically on Vendor Bill
Set up TDS tax rate rule
Setting up of tax rate rule manually.