Jira code: ME-60
It includes calculation of TDS in India localization Suitetax and its different steps.
The steps to set up TDS on Vendor record:
Under financials sub tab:
Registration type:-Regular/Composite dealer/SEZ/Unregistered/Overseas
PAN availability:- Available/Applied/Invalid/Not available.
PAN number(or reference number if PAN is not available):-(10 digits)
(If the vendor has no PAN, then give a reference number. It is mandatory. The PAN Ref No is a unique identifier to identify a deductee record/ transaction where PAN is not available. This is quoted by the deductor. (A deductee may have multiple entries in a Statement)).
Tax identification number(Tax deduction account number):-(10 digits)
Non-Resident Indian:- Check this box if your vendor is a non-resident Indian.
TDS in Item / Chart of account
Select the item record or chart of account for expenses and select the section code.
Item types supported by the Tax Deduction at Source (TDS) feature:-
(Inventory Item Lot Numbered Item, Serialized Item, Item Group, Non-Inventory Item (For Purchase and For Resale), Other Charge (For Purchase and For Resale), Service (For Purchase and For Resale), Matrix Item).
TDS in Vendor bill
Select the vendor record. Select expenses in expense line level. Section code will auto-populate or we can change it in line level. Select the nature of remittance. It is mandatory for TDS calculation. Nature of remittance will be according to nature of expense (Dividend, Fees for Technical Services/Fees for Included Services, Interest Payment, Investment Income, Long Term Capital Gains, Other Income/Other (Not In The Nature of Income), Royalty, Short Term Capital Gains).
Save the transaction. TDS details can see in Tax details.