Hi, Client considers Jan-Dec as a fiscal year & IT audit happens for the April-March period. How would the taxation be considered in this scenario? One way suggested is to post IT with manual calculation (calculated based on APR-DEC and JAN-MAR periods). Is there any simpler/other way fit for Navision? Thanks
Hi, As far as Navision, particularly, India specific localisation is concerned, only TDS is covered for IT purpose. This, anyway, works on April-March period. Yearly TDS certificates are generated for April-March period and the annual returns were also mapped for April-March. Anyway, annual returns do not have any significance now that at most places these are required in electronic format. Your base application could have financial year as either Tax Year or Jan-Dec. Either way, it is only the reports which would matter. You could have the application running for Apr-Mar and generate client reports in Jan-Dec or vice versa. This should work.