FUSION TAX
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KRISHNAMOHAN JOSHI
FUSION TAX
Ensure that “Use Withholding Tax” option is enabled at Income Tax region of the supplier
profile
Save
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FUSION TAX
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FUSION TAX
Setting up Rate Schedule Based on a Document with a Tax Rate Type of Gross Amount
Manage Regimes
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FUSION TAX
Manage Taxes
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FUSION TAX
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FUSION TAX
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FUSION TAX
Associate the Tax Formula created to the withholding tax under the Tax Rule Defaults>
Taxable Basis Formula.
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FUSION TAX
Submit
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FUSION TAX
Ensure to set the Regime Determination Set =Determine applicable Withholding regimes
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KRISHNAMOHAN JOSHI
FUSION TAX
The above example illustrates how withholding tax is calculated for Rate Schedule
Based on a Document with a Tax Rate Type of Gross Amount
If we define the apply single rate, the withholding tax is calculated as: 6000 * 15% = 900
because 6000 falls in the 15% range of over 5000.
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FUSION TAX
Setting up Rate Schedule Based on Period with a Tax Rate Type of Withheld Amount
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FUSION TAX
Since we are using the same tax ensure that above tax rate is set as default
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FUSION TAX
We are using the same tax formula, taxable basis and tax rule (taxable basis rule)
The first invoice in a period for the amount of 4000 is calculated as:
(1000 * 5%) + (3000 * 10%) = 350. The accumulated tax amount is 350 and the
accumulated taxable basis is 4000.
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