The document provides instructions for maintaining withholding tax details for business partners in the system. It describes setting up tax type, tax code, and recipient type under the company code. It then explains how to create and save the business partner master data before maintaining Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) exemption details at the business partner level. It provides examples for vendors with and without PAN numbers and how to handle tax deductions when transaction amounts are below, partially above, or fully above the exemption threshold limits.
A Lower Deduction Certificate (LDC) can be an essential tool for taxpayers, particularly Non-Resident Indians (NRIs) selling property in India, to avoid unnecessary deductions and ensure proper tax compliance.
A GST invoice is a document which will capture all the relevant details of a business transaction including information about both the parties. It will comprise the product name, description, quantity, details of supplier, purchaser, rate charged, discounts, terms of sale etc. Read more at
http://mastersindia.co/gst/gst-invoicing
Business licenses are primarily issued by the government to allow individuals to run businesses. It is important to note that a license which has to be issued will be based on the business requirements of a company after its registration or incorporation. However, there are various other factors which may also determine the type of license which has to be issued such as the type of business ownership, business location and number of employees among others.
Different types of GST Invoices- An Overview.pptxtaxguruedu
An invoice or tax invoice is a document issued by the supplier of goods or services to the addressee/recipient specifying, amongst other things, the description of taxable goods or services or both as well as value of taxable supply.
The chapter consists of basics of Goods and Service Tax, Tax Invoice; Credit and Debit Notes; E-Way Bill, Procedure for Generation of E-Way Bill; Accounts and Records; Electronic Cash Ledger, Manner of Utilization of Amount in Electronic Cash Ledger, Electronic Credit Ledger-Manner of Utilization of ITC, Electronic Liability Ledger-Order of Discharge of Tax and Other Dues.
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient.
In GST, all invoices issued between the date of implementation of GST and the date of issuance of GST registration certificate will have to be reissued in the form of a revised invoice and have to be raised within a month of issuance of the registration certificate.
A supplementary tax invoice is an invoice that a taxable person issues if any deficiency is found in a tax invoice already issued by the said taxable person. A supplementary invoice is also known as a debit note.
The recipient who is registered under GST has to issue a payment voucher for the transactions(goods or services) on which reverse charge is applicable to the supplier. For example Ajay cashew house registered in Delhi had purchased cashew nuts from Vikram an agriculturist for Rs 100000 in Karnataka.
Rule 55 specifies the cases where at the time of removal of goods, goods may be removed on delivery challan and invoice may be issued after delivery. Issuance of Credit Note – Section 34(1)
Issuance of Debit Note – Section 34(3)
Details of Credit Note to be furnished in return – Section 34(2)
Details of Debit Note to be furnished in return – Section 34(4)
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Registered Person – E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a registered person. A Registered person or the transporter may choose to generate and carry eway bill even if the value of goods is less than Rs 50,000.
e-Cash ledger indicates the amount that has been paid by the taxpayer to the government. The amount in this ledger can be used to make payment of tax, interest, liability, fees and so forth.
e-Credit ledger or electronic credit ledger is maintained in the form GST PMT-02 on the GST Portal.
This ledger helps in tracking all the Input Tax Credit (ITC) claims made by the taxpayer. However, it shall be noted that any remaining amount in the e-Credit ledger can be used in making the payment of output tax liability only. E-Liability Register will reflect the total tax liability of a taxpayer for a particular tax period.
Debit to Electronic Credit Ledger and Credit to Electronic Liability Register
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TDS i.e. Tax Deducted at Source, is the tax that has been deducted by the Government of India at the time of payments of some specific transactions including rent, commission, professional fees, salary, interest etc. TDS Return is the quarterly statement or summary of all the transactions related to the TDS made in the specific quarter.
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The European Union Agency for Law Enforcement Cooperation (Europol) has suffered an alleged data breach after a notorious threat actor claimed to have exfiltrated data from its systems. Infamous data leaker IntelBroker posted on the even more infamous BreachForums hacking forum, saying that Europol suffered a data breach this month.
The alleged breach affected Europol agencies CCSE, EC3, Europol Platform for Experts, Law Enforcement Forum, and SIRIUS. Infiltration of these entities can disrupt ongoing investigations and compromise sensitive intelligence shared among international law enforcement agencies.
However, this is neither the first nor the last activity of IntekBroker. We have compiled for you what happened in the last few days. To track such hacker activities on dark web sources like hacker forums, private Telegram channels, and other hidden platforms where cyber threats often originate, you can check SOCRadar’s Dark Web News.
Stay Informed on Threat Actors’ Activity on the Dark Web with SOCRadar!
A Lower Deduction Certificate (LDC) can be an essential tool for taxpayers, particularly Non-Resident Indians (NRIs) selling property in India, to avoid unnecessary deductions and ensure proper tax compliance.
A GST invoice is a document which will capture all the relevant details of a business transaction including information about both the parties. It will comprise the product name, description, quantity, details of supplier, purchaser, rate charged, discounts, terms of sale etc. Read more at
http://mastersindia.co/gst/gst-invoicing
Business licenses are primarily issued by the government to allow individuals to run businesses. It is important to note that a license which has to be issued will be based on the business requirements of a company after its registration or incorporation. However, there are various other factors which may also determine the type of license which has to be issued such as the type of business ownership, business location and number of employees among others.
Different types of GST Invoices- An Overview.pptxtaxguruedu
An invoice or tax invoice is a document issued by the supplier of goods or services to the addressee/recipient specifying, amongst other things, the description of taxable goods or services or both as well as value of taxable supply.
The chapter consists of basics of Goods and Service Tax, Tax Invoice; Credit and Debit Notes; E-Way Bill, Procedure for Generation of E-Way Bill; Accounts and Records; Electronic Cash Ledger, Manner of Utilization of Amount in Electronic Cash Ledger, Electronic Credit Ledger-Manner of Utilization of ITC, Electronic Liability Ledger-Order of Discharge of Tax and Other Dues.
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient.
In GST, all invoices issued between the date of implementation of GST and the date of issuance of GST registration certificate will have to be reissued in the form of a revised invoice and have to be raised within a month of issuance of the registration certificate.
A supplementary tax invoice is an invoice that a taxable person issues if any deficiency is found in a tax invoice already issued by the said taxable person. A supplementary invoice is also known as a debit note.
The recipient who is registered under GST has to issue a payment voucher for the transactions(goods or services) on which reverse charge is applicable to the supplier. For example Ajay cashew house registered in Delhi had purchased cashew nuts from Vikram an agriculturist for Rs 100000 in Karnataka.
Rule 55 specifies the cases where at the time of removal of goods, goods may be removed on delivery challan and invoice may be issued after delivery. Issuance of Credit Note – Section 34(1)
Issuance of Debit Note – Section 34(3)
Details of Credit Note to be furnished in return – Section 34(2)
Details of Debit Note to be furnished in return – Section 34(4)
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Registered Person – E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a registered person. A Registered person or the transporter may choose to generate and carry eway bill even if the value of goods is less than Rs 50,000.
e-Cash ledger indicates the amount that has been paid by the taxpayer to the government. The amount in this ledger can be used to make payment of tax, interest, liability, fees and so forth.
e-Credit ledger or electronic credit ledger is maintained in the form GST PMT-02 on the GST Portal.
This ledger helps in tracking all the Input Tax Credit (ITC) claims made by the taxpayer. However, it shall be noted that any remaining amount in the e-Credit ledger can be used in making the payment of output tax liability only. E-Liability Register will reflect the total tax liability of a taxpayer for a particular tax period.
Debit to Electronic Credit Ledger and Credit to Electronic Liability Register
All About TDS Return Filing Online 2024.pptxLegal Pillers
TDS i.e. Tax Deducted at Source, is the tax that has been deducted by the Government of India at the time of payments of some specific transactions including rent, commission, professional fees, salary, interest etc. TDS Return is the quarterly statement or summary of all the transactions related to the TDS made in the specific quarter.
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The European Union Agency for Law Enforcement Cooperation (Europol) has suffered an alleged data breach after a notorious threat actor claimed to have exfiltrated data from its systems. Infamous data leaker IntelBroker posted on the even more infamous BreachForums hacking forum, saying that Europol suffered a data breach this month.
The alleged breach affected Europol agencies CCSE, EC3, Europol Platform for Experts, Law Enforcement Forum, and SIRIUS. Infiltration of these entities can disrupt ongoing investigations and compromise sensitive intelligence shared among international law enforcement agencies.
However, this is neither the first nor the last activity of IntekBroker. We have compiled for you what happened in the last few days. To track such hacker activities on dark web sources like hacker forums, private Telegram channels, and other hidden platforms where cyber threats often originate, you can check SOCRadar’s Dark Web News.
Stay Informed on Threat Actors’ Activity on the Dark Web with SOCRadar!
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Process Document_S4.pdf
1. Maintain withholding tax type, tax code and Recipient type in business partner data and TAN
exemptions details as below.
Under Company code.
Assign Tax Type, Tax code (Both Invoice and Payment) and Rec. Type.
Note: Create business partner master data and save the changes, then go to
change mode and maintaining PAN level TAN based exemption details.
Scenario 1: Vendor with PAN.
Assign PAN as shown below.
Under general data
Maintaining TAN based exemption details as shown below.
2. Certificate Number (TDSU/S194Q) should be maintained for 194Q tax
type and tax code (should not maintain any other certificate number).
Exemption rate should be 100%. Maintain Exemption reason as 4Q
which has created based on customizing document. Maintain
Withholding tax type and code which has assigned to supplier master
in above steps.
Only for current FY-
Based on the purchase consideration that has happened from 01.04.2021 till 30.06.2021
Exem Threshold value should be maintained.
For example- if the total purchase value from supplier between 01.04.2021 to 30.06.2021 is
43 Lakhs INR then you will have to maintain exemption amount as 7 Lakhs (5000000 –
4300000) INR in supplier master for that supplier.
So if you post an invoice or advance payment of 3 lakhs on 01.07.2021 for that supplier no
TDS will be computed.
If you post another invoice for 5 lakhs on 02.07.2021 for the same supplier then TDS will be
computed for 1 lakhs as the threshold limit of 50 lakhs will exceed.
Section
code
Exemption
number
Exm.
%
From date To date Reason Tax
Type
Tax
code
Threshold Currency
IN47 TDSU/S194Q 100 01.07.2021 31.03.2022 4Q 4Q 4Q 700000 INR
IN47 TDSU/S194Q 100 01.07.2021 31.03.2022 4Q 5Q 5Q 700000 INR
From next FY onwards threshold should be maintained as 50 Lakhs INR.
Documents should look like below.
Note: While posting the document, it is mandatory to provide section code otherwise
accumulation will not work.
Case 1: Below threshold.
3. Document with amount 100000.
Below 5000000 threshold Limit. As it is completely inside the threshold TDS amount is 0.
Case 2: Partially exempted and partially outside the exemption.
Document with amount 6000000 so it comes under partially exempted and partially outside the
exemption limit.
6100000(current 6000000 + previous 100000) – 5000000 = 1100000 * 0.1 = 1100.
So TDS amount is 1100
Case 3: Completely Outside threshold limit.
Document posted with 1000000 so TDS is 1000000 * 0.1 = 1000.
Scenario 2: Vendor without PAN.
PAN number can be blanked for 194Q vendor (If PAN number is not available then tax rate would be
5%).
4. All other steps are same as PAN scenarios.
Note: 1st
Create the business partner and save the changes, then go to
change mode and maintain TAN exemptions details as shown above for PAN
scenarios.
Note: Exemption number (TDSU/S194Q) should be maintained in exemption
details, otherwise you cannot save the exemptions details for non-PAN scenarios.