Interest on TDS delay payment

Dear Experts,
If we not paid the TDS in time we need to pay the interest/penalty on the delay payment of TDS. The same interest should show on quarterly return as per the Income tax act.
How to handle this by SAP, Is it possible to map the interest to quarterly return(QEFILE)
Can any one guide how to map in to extended withholding Tax.
Regards
Sri

while posting JV just give business place and section code and for that JV check either u can create challan then it will be done.
Regards
T N R

Similar Messages

  • Penalty Interest for TDS

    Hi
    For delayed payment of TDS to the authorities, we are required to give penalty interest. This penalty interest paid is shown in the Quarterly return also.
    I am looking forward to your comments about how can we make settings for Penalty interest for TDS delayed payments in the system.
    Regards,

    Hi
    That is so nice of you.
    For quarterly return, in the text file, along with data, some symbols like ^s and 0s are also there.  I applied a note for resolution.  But still it is not getting over.  What could be the reason ?
    Regards,

  • Interest on Delay Payment of TDS

    Dear All,
    Is Interest which we used to pay in challan for delay payment of TDS can be configured in SAP (Extended Withholding Tax). Suggest Me.

    As such no configuration settings are available.  We too had the same requirement and the same is being raised to SAP for assistance.
    Regards

  • Interest on delayed payments

    HI
    how to calculate interest on delayed payments from the customer
    regards
    rithvika

    Dear Rithvika
    Go to customer master Company Code Data, select "Account Management"  tab and maintain some value for the field "Interest indic."  and save the customer master.
    Now use TCode FINT and based on that report, issue debit note on customer.
    thanks
    G. Lakshmipathi

  • Delayed Payment charges and Arrears in the Invoice output

    Hi,
    can we show Delayed Payment charges and Arrears in the Invoice output in case of SD invoice. From where can i take those. suggest.

    Hi,
    Please check whether the SMARTFORM/SAP SCRIPT  was created in the DE login langage, if so then you have to maintain the Language conversion using SE63 transaction
    Goto SE63 and in that transaction you have option to convert the TEXT to different langage.
    Use transaction SE63 (translations). From the menu select:
    Translation - Logntexts - Sapscript - Forms
    From this point on you can translate both the descriptions and the
    window texts. This transaction also checks if you don't forget to
    translate a part of the script.
    Hope it is clear
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  • TDS in Payment on Account

    Hi All,
           What is the process of deducting TDS on Payment on Account ( In Outgoing payments ).
    Please reply fast.
    Regards,
    Abhishek
    Edited by: Rui Pereira on Nov 7, 2008 11:59 AM

    Dear,
    For deducting the with holding tax, First you have to define some withholding tax codes with the percentages of the amount.
    For creating the with holding codes
    go to
    Administration>Setup>Financials>Tax>WithHolding Tax>
    There a create tax code
    Now Go to A/P Invoice. Select a vendor and change Itrem/service type to Service
    Then give the details of g/l and make WTax Liable to yes. There you can set the with holding tax code that was created. Based on that you can see the Wtax amount in the footer of the form..
    When you make the payment to particular vendor it automatically creates ledger entry for with holding tax also..
    PS. Go to Admin > Setup > Financials > GL A/C Determination > under Purchase tab, again under Tax tab, tick the option for WT to see WT for vendor BP.
    Regards,
    Apple

  • How to post interest on TDS

    Hi Experts
    Could you assist me to post interest on tds.
    Tds amount deposit in to the bank is 7th of every month, but because of some reason I was not able to deposit on 7th. Now I am depositing together of 2 month Tds along with the Tds interest. 
    Could you help me for the entry?
    With regards
    Kumar

    Hi,
    Just i am talking about work around of your issue.
    Why can't you give try with interest calculation  for balance item. The TDS which is calculation will be stored in a G/L account, make necessary config setting for interest calculation,assign  interest indicator in TDS G/L Master data and try to execute interest at end of the month.
    When you dont want the system to calculate the interest just remove data from MASTER DATA.
    When you dont want to calculate the interest for previous period,do manually change "LAST RUN DATE"( hope that system will allow you to change the date).
    Its  a lead to you,further you can develop or modify according to your business requirement.
    Regards,

  • Interest on customer early payments

    Hi All,
    As we have a FINT kind of SAP functionality to calculate interest on arrears, we need a similar kind of functionality for automatic calculation of customer incentives in the form of interest expense. For e.g. If a customer invoice is raised on 01.07.2011 which is due for payment on 15.07.2011 but customer has made a payment on 10.07.2011 then system should be able to calculate interest from 11.07.2011 to 15.07.2011 in the form of interest & post it. This is in the form of incentive to encourage customer early payments.
    Please advise whether it is possible to map this scenario in standard SAP or not? Is there any workaround available?
    Regards
    Anuj

    Hi Anuj
    Are you talking about customer discountswhen they pay early?  From your posts it sounds like it.
    You can make this settings in Payment term defination only.
    Regards
    Nikhil

  • TDS down payment percentage error required rectification entry.

    Hello Experts,
    We have posted down payment to the Vendor through T-code: F-48 amount Rs100000/- on 07.07.2010 with TDS (percentage 10%) is deducted Rs.10000/- but vendor has submitted exemption certificate (9%), we entered in vendor master 24.07.2010 later then posting.
    The problem is we supposed to deduct TDS 1% (Rs.1000/-) but we deducted 10% (Rs.10000/-) on down payment Rs.100000/-.
    How can we rectify the entry in the system, Cheque issued to the vendor and cleared in the bank, but TDS amount Rs1000/- paid to the government through outside generated cheque.
    The entry in the system:
    Vendor account Dr 100000/-
    To Bank account      90000/-
    To TDS account       10000/-
    Our requirement is below:
    1) Advanced cheque issue has been cleared by bank can not be reversed for Rs. 90000/-.
    2) Payment has to be made to vendor for differential TDS amount Rs 9000/-.
    3) TDS certificate should not to be higher amount, should print with correct percentage in the end of the year
    Please suggest how you can rectify this entry in system.
    I tried with J1INJV but it is giving error message u201CDocument is not cleared u201C
    Thanks in Advance
    Regards,
    Ratnam.

    Hello,
    Please note the following steps:
    1. Please pass a credit memo to the vendor for the differential amount of Rs 90,000/-
    in this credit memo please deduct TDS @ 10% amounting to Rs 9,000/- giving the reference of the invoice posted.
    2. Please note that whenever you have subsequent payments to the govt. authorities for the same section, please adjust the TDS deducted in the credit memo above along with the other invocies posted (whether of the same vendor or other vendors).
    i.e.,  repeat the process of J1inchln & J1inbank.
    This would adjust the WHT deduction.
    Example:
    Now, in your case you have posted an invoice of Rs 100,000.00 and deducted TDS @ 10% for Rs 10,000.
    At this moment you claim to have paid the TDS for the above deduction, through J1inchln & J1inbank.
    You post the credit note for Rs 90,000.00 wherein you deduct the TDS @ 10% for Rs 9,000.
    Now, whenever you are going to pay the TDS in next month for the same section, please also include the credit memo posted above. Say you have 1 invoice pertaining to the same or different vendor wherein TDS for the same section is applicable amounting to, say, Rs 15,000 (TDS amuont).
    3. At this moment you have to pay the TDS for the above deduction, through J1inchln & J1inbank.
    Now, the net payment to TDS authorities should be Rs 6,000 only (Adjusting the 15,000 and 9,000 pertaining to credit note above.
    ******Note: this adjustment is only allowable within the same quarter*********
    4. Now do a test run of the J1incert print to verify the results:
    Result should be: Vendor 1 - Only 1,000 deducted.
    Vendor 2 - 15,000 deducted.
    Thanks.
    Regards, Raja

  • TDS down payment at teh time of vendor down payment not working

    Hi All
    Can any one suggest why TDS is not getting deducted at the time of vendor down payment.
    TAx type and tax code has been created for payment and GL account assigned for this for paid over. These codes are assigned to company code and vendor master data as well. In vendor masterdata it has been ticked on 'liable' also.
    But when making doc with F-48 for vendor down payment, it is not populating for TDS deduction and hence no tds has been deducted.
    Can anyone suggest if any more settings is required.
    We are in ECC6, and using extended withholding tax for India.
    Refgards
    Mukta

    Hi Venkat
    Actually all the mentioned steps already followed. I removed tax code from vendor master , but it doesn't help.
    At the time of invoice posting TDS is working fine, but at the time of advance payment it is not working.It is not populating withholding tax popup at all.
    In the tax type below are the settings- (standard SAP settings)
    calculation--
    base amount- Gross amount
    Rounding Rule- Round w/tax amnt up
    Cash discount- c/disc pre w/tx
    Post w/tax amount --  checked
    Accumulation type-
    No accumulation - selected
    Control data-
    W/tax base manual - checked
    Manual w/tax amnt- checked
    w/tax for pmnts- checked
    No cert numbering- checked
    Define minimum/max amounts
    w/tax code level- selected
    withholding tax amount-
    w/tax code level- selected
    Central Invoice
    No cent invoice - selected
    Minimum check-
    Minimum check at item level- selected
    Withholding tax code settings--
    Base amount - 100%
    Posting ind -  1
    with tax rate- 2%
    These all are in extended withholding tax settings.
    Can you please check why at the time of advance payment it is not asking for any withholding tax.
    Regards
    Mukta

  • Default interest key determined in payment against security deposit

    Dear All,
    I am creating a request for security deposit by transaction FPSEC1. In that I have maintianed interest key as "03-Exemption of Interest on Security deposit"
    A statistical entry is getting posted in business partners account.
    After that I am creating a check lot and posting payment against the above security depost request.
    In the payment document generated by check lot the interest key is getting changed to "04-Interest on Security Deposit".
    Please help me why the interest key entered in security deposit is not transferred to payment document. Any how this interest key is automatically determined in payment document.
    Regards
    Dishant Gajjar

    Dishant:
    Perhaps you should check your customizing for main/sub of 0020/0010 in table TE305.  That is the new item generated by the payment receipt.
    regards,
    bill.

  • TDS on Payment (Indian Scenario)

    Hi,
    Following are the steps to deduct TDS on advance payment to supplier in SAP.
    1. Make AP downpayment invoice
    2. Make outgoing payment
    3. AP Invoice
    In this case what problem we are facing is that customer deduct TDS while making payment and if we use the step mentioned above Step 1 & 2 and check the supplier balance then it shows zero since system reconciles outgoing payment and Downpayment invoice.
    So the user is actually confuse because till the time the AP invoice is raised they wont be able to understnd how much they have paid to supplier and alos able to generate report
    any idea since this is common scenario is India.
    Solution will be highly appreciable

    Hi ,
    Am also facing this same problem, If user is forgot to choose the down payment in invoice there is no track.
    but as work arount  i ask user to check on monthly or 10days once "Down Payment Clearing Account" should be ZERO. else some down payment payment is not adjusted for invoices.

  • How to calculate interest and tds

    friends,
    we have one asset where it is provided by our business partner. every month we have to pay interest based on the mail received from business partner. my query is how to post this interest in the system, how to calculate the tds on this,
    regards,

    Hi Subramaniyan,
       1. You need to configure interest calculation all the steps.
    http://www.sap-basis-abap.com/sapfj001.htm
    or
    OB46 - Interest Settlement Calculation Type
    Int Calc. Type
    P - calculate interest based on line items.
    S - calculate interest based on account balances.
    Secornd, make it avaliable to the interest run program.
    OB82 - Interest Terms
    Third, determine the interest rate that will be used by the calculation.
    OBAC - Define Reference Interest Rates
    OB83 - Enter the Reference Interest Rates Value
    Fourth, assign the interest indicator to the reference interest rate.
    OB81 - Define Time Dependent Terms
    Finally, determine the how and to which accounts the interest program will post.
    OBV1 - Prepare Interest on Arrears Calculation F.26    A/R: Balance Interest Calculation
       2. Create Recurring Entries.  fbd1
    http://help.sap.com/saphelp_46c/helpdata/EN/6e/1218df9f0411d189b80000e829fbbd/content.htm
      3.  Process Batch Input   sm35
    Regards,
    Srinivas Muthyala

  • FSCM-CR: Automatical Interest Calculation for Late Payments

    Hi all,
    Do you guys know if there is a standard functionality ( on SAP Collections Management or in SAP Credit Management) for automatical interest calculation for the customers late payments ?
    Our client is on FINBASIS 6.00
    Thanks in advance.
    Best Regards.

    Hi,
    It will not be possible to post from Collections management as it would in general not be done by receivables team. 
    However, interest on arrears is a standard function available in Financial Accounting itself.  Maybe you can use them for your requirement.
    Regards,
    Ravi

  • Unable to enter  TDS  onaccount  payment of  Vendor

    Hi Expert,
    When I enter payment on account entry in outgoing payment WTax field  is unable. How can I enter Payment on account of vendor.
    All setting of TDS like   select vendor w tax  on payment .its done.
    I am using SAP B1 8.8

    Hi,
    Please check the following Note on TDS Payment on Account:
    Note No. :1492306
    Symptom
    When creating an On-account payment towards a vendor who is liable to withholding tax, we cannot deduct Tax at source (TDS). The option to select TDS is not available for the same.
    Cause
    Functionality Description
    Solution
    Payment on account is not supported by TDS functionality.
    Please create AP Down Payment Invoice before creating such outgoing payment on account to incorporate TDS.
    Kind Regards,
    Jitin
    SAP Business One Forum Team

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