Withholding Tax Exemption
I have a Vendor which was subject to TDS @22.66. Recently he got an Exemption certificate from the Income Tax department which said that he was NOW subject to TDS @ 12.33. Now my problem is how to deduct TDS for this person.
Should I prepare a New WHT code for this Vendor? If Yes, then for each and every Vendor who gives me a Exemption Certificate will be given a NEW WHT Code?
Please guide me.
Thanks and Regards