Tax Deduction At Source | (TDS) | Tax withheld at source | Tax Withholdings

[Derek Atkins]

"Maf. King" <maf at chilwell.net> writes:

> On Tue 16 October 12 20:32:01 jhataka at yahoo.co.uk wrote:
>> Hey Folks, Any idea about handling withholding ?
>> 
>
> Hi,
>
> I don't think you can do this automatically in GC.  
>
> Since you don't know (from what you say) that the tax will be withheld at the 
> time of invoice issue, you can't include it as an "overall extra tax line" on 
> the invoice.
>
> Probably best to process payment twice, once for the sum that goes to 
> Assets:Bank:Checking and again for the value of the certificate, and send it 
> to something like Asset:TDS_Certificates

Another option is to just process the payment normally and then split it
out manually.  You just need to make sure you don't change the A/R
Split, but you can safely change the Bank Split into a Bank Split and a
TDS Split.

For the invoicing side, you *may* be able to do it via judicious use of
tax tables, but that presumes you know a priori that you will need to
apply TDS.

> HTH,
> Maf.

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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