Withholding tax reporting
Taxpayers are required to submit a report to the tax authorities of the vendors that have received payments. Typically, these vendors are classified by vendor type and transaction type.
India specifics
All corporate and government deductors/collectors are compulsorily required to file their TDS/TCS returns on electronic media (e-TDS/TCS returns). Deductors/collectors other than corporate/government can file either in physical or in electronic form.
On an annual basis, TDS Certificates listing all TDS values deducted must be supplied to all vendors where TDS has been withheld during the year.
How Infor meets the requirement
Withholding setup must be done per the requirements and they must be assigned to the vendors.
Create transactions for the vendor and check the withhold amounts and details in Global Withholding form.