Chapter 84: Oracle Fusion Tax Implementation

Defining Default Taxes Rates for Each Withholding(TDS) Taxes

Go to Setup and Maintenance ==> Manage Taxes.

Defining Default Taxes Rates

Here below we have already created these Four Transaction Taxes.

INDIA_TDS_194C

INDIA_TDS_194H

INDIA_TDS_194I

INDIA_TDS_194J

For Each Withholding Taxes, we will define two steps as below.

First, we will define the Default Withholding Tax Percentage.

Second, we will enable each Taxes to be use in Transactions.

Defining Default Taxes Rates

Defining Default Taxes Rates for 194C Tax

Click on ‘INDIA_TDS_194C ’ Tax. Under this tax go to Tax Rule Defaults as below. 

Go to Tax Rate Option and Click on the Create Default button.

Defining Default Taxes Rates in Oracle Fusion

Go to Tax Rule Defaults as below.

Go to Tax Rate Option and Click on the Create Default button.

Defining Default Taxes Rates in Oracle Fusion

Here below, we need to use the Tax Status Code ‘Standard’ As created in previous steps.

Enter the Tax Rate Code: 1%_TDS_194C (Please Note, This Tax Rate code should be same with the Tax Rates created in Previous Steps While creating Tax Rates).

Rate Percentage: 1

 

We must provide at least one default Tax rate for each Transaction tax before enable the taxes.

Note: We can use any Tax Rate (0.05 or 1  or 2) under 194C section as a Default Tax Rate.

Defining Default Taxes Rates in Oracle Fusion

Defining Default Taxes Rates in Oracle Fusion