Chapter 71: Oracle Fusion Tax Implementation

Creating Tax Rates for Withholding Taxes under Tax Regime

Types of Tax Rates for Withholding Taxes.

• 1%_TDS_194C
• 0.05%_TDS_194C
• 2%_TDS_194C

Go to ‘Manage Tax Rates’ task list and go to this task list as below.

Setup and Maintenance ==> Manage Task Rates.

Creating Tax Rates for Withholding Taxes under Tax Regime

Click on the ‘+’ icon to create the new Tax Rates for all Transaction Taxes.

Creating Tax Rates for Withholding Taxes under Tax Regime

Creating ‘1%_TDS_194C’ Tax rate for 194C Withholding Tax

Tax Regime Code: INDIA TDS1

Configuration Owner: ABC CORP

Tax: INDIA_TDS_194C

Tax Status Code: STANDARD (As we created in Previous Steps)

Tax Jurisdiction: INDIA (As we created in Previous Steps)

Tax Rate Code: 1%_TDS_194C

Tax Rate Type: Percentage.

Rate Periods: 

Rate: 1

Effective Start Date: Date should be same as compared to Tax Regime.

Creating Tax Rates for Withholding Taxes under Tax Regime

Creating Tax Rates for Withholding Taxes under Tax Regime

Under Tax Accounts, we need to maintain the Tax Liability Account and the Business Unit & Ledger.