Withholding tax for interest
It requirement for my client,we are running the F.26 Interest scale for customers find below the example in brief.........
Client will receive security deposits from customers we treated this as a special GL for this we will pay the 7 % interest to the customer.
If the interest amount is more than RS.5000 paying by the client we need to deduct WITHHOLDING TAX all the configuration has been done we are able to see the Base amount in customer line item but system is not calculating the WITHHOLDING TAX.
Could you let me know the probabilities where i might got missed one more doubt is W/H Tax will calculate with help of Business Place,F.26 is a background process so we are not able to update Business place.Is there is any configuration where i could update business place by default or any other ways.
Appreciated for early response...........
Thanks a lot in tonnnss