Hi Friends
Can anyone help me how to settle withholding tax settlement as we do incase of sales tax.
I have got calculated witholding tax and after deduction it set in a account which we define in the withholding tax code in General Ledger.
Now I want to settle this. How does it work?
Just passing a journal entry or any other way?
Thanks
RKS
Did you run the sales tax payment session and was it not included in the calculated amount? (General Ledger > Periodic > Sales Tax Payments > Sales Tax Payments) . So far I’ve only worked in countries where withholding taxes are rarely used but I would think that it should be included in the regular sales tax payment calculation. Do you send separate payments for withholding taxes and other sales taxes to the Indian tax authorities?
Hi Karin
It does not show in sales tax settlement in Standard AX.
In India we do send seperate payment for sales and witholding tax (Called as Tax deducted at source in India) and AX has that functionality under India localization.
But I am working in UAE where there is no tax at all. So I wanted to make use of withholding tax functionality for some other purpose like Retension money held for Vendor
regards
Rajesh
Just pass a journal entry by selecting the vendor authority account and offset Withholding tax payable account and manually enter the amount.