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    WCT Whitepaper

    Uploaded by

    Satyendra13kumar
    Oracle Financials for India provides a feature which help to deduct the WCT on the Payable Invoices and gives a framework which helps to generate the Certificate to be issued to such Vendors. The document provide detailed information on the Set ups required for usage of the WCT Functionality, Transaction Cycle and Framework available for Certificate Generation.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    WCT Whitepaper

    Uploaded by

    Satyendra13kumar
    713 views13 pages
    Oracle Financials for India provides a feature which help to deduct the WCT on the Payable Invoices and gives a framework which helps to generate the Certificate to be issued to such Vendors. The document provide detailed information on the Set ups required for usage of the WCT Functionality, Transaction Cycle and Framework available for Certificate Generation.

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    WCT Whitepaper[1]

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    Oracle Financials for India provides a feature which help to deduct the WCT on the Payable Invoices and gives a framework which helps to generate the Certificate to be issued to such Vendors. The document provide detailed information on the Set ups required for usage of the WCT Functionality, Transaction Cycle and Framework available for Certificate Generation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    713 views13 pages

    WCT Whitepaper

    Uploaded by

    Satyendra13kumar
    Oracle Financials for India provides a feature which help to deduct the WCT on the Payable Invoices and gives a framework which helps to generate the Certificate to be issued to such Vendors. The document provide detailed information on the Set ups required for usage of the WCT Functionality, Transaction Cycle and Framework available for Certificate Generation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 13

    ORACLE APPLICATIONS

    WHITE PAPER
    Financials for India
    Works Contract Tax

    Prepared by
    Author: Parag Baid –India Localization Support
    Creation Date: 03-Oct-2009
    Last Updated:
    Control Number: 1
    Version: 1
    Copyright (C) 2008 Oracle Corporation
    All Rights Reserved
    Product Design and Architecture

    1
    Scope and Introduction

    Any activity which is undertaken under a contract for working upon any goods, might be liable to
    Works Contract Tax (WCT) under the Works Contract Act of the respective states in India.Oracle
    Financials for India provides a feature which help to deduct the WCT on the Payable Invoices and
    gives a framework which helps to generate the Certificate to be issued to such Vendors from
    whom the WCT was deducted. The document provide detailed information on the Set ups
    required for usage of the WCT Functionality, Transaction Cycle and Framework available for
    Certificate Generation under Oracle Financials for India Works Contract Tax Functioanlity in
    Release 11i.

    2
    Index
    1. Setups
    Purchasing Lookups………………………………………………………………….. 3
    WCT Authority………………………………………………………………………….4
    WCT Tax Code………………………………………………………………………….5

    Transaction
    Attach WCT Tax Id……………………………………………………………..6
    Invoice Validation………………………………………………………………………7
    Payment of WCT Authority Invoice…………………………………………………..9

    Certificate Generation

    India Process TDS Payments…………………………………………………………10


    India Generate TDS Certificate………………………………………………………11

    3
    SET UPS
    Purchasing Lookups
    India Localization Patch populates the Purchasing Look up with Type as
    JAI_AP_TDS_SECTION_TYPES.The look up is being used for TDS, WCT and ESI
    Sections.

    Navigation – Oracle Purchasing: Set up: Purchasing: Look up Codes

    To use the India Localization WCT Functionality user need to create a look up with type
    as WCT_SECTION as below. The look up is being used for defining WCT Section
    Codes.

    4
    WCT Authority
    The WCT deducted from the Payable Invoices needs to be deposited with the WCT
    Authority as defined in the Works Contract Act.A supplier with Classification Type as
    TDS Authorities – IND needs to be created in Oracle Payables.

    Navigation – Oracle Payables: Supplier: Entry

    A Site with Payment terms also needs to be created for such Supplier.

    5
    WCT Tax Code

    Further a WCT Tax Code need to be created in the India Localization Tax Definition
    window. The following points need to be noted while defining the WCT Tax Code:-
    1. The Tax type should be “Tax Deduction at Source”
    2. The Vendor Name in the India Localization Tax Definition form shows the
    vendors defined in Oracle Payable Responsibility with classification as TDS
    Authorities – IND.
    3. Vendor Site is the site created for the vendor in Oracle Payable Responsibility.
    4. The Section Type should be WCT Sections. This gets the LOV from the
    Purchasing Look up JAI_AP_TDS_SECTION_TYPES.
    5. The Section Code gets the LOV from the Purchasing Lookup WCT_SECTION.
    The LOV for Vendor Name will
    show the Vendors classified as TDS-
    Authority-IND
    The LOV for Section Type is
    derived from the Purchasing Look up
    JAI_AP_TDS_SECTION_TYPES

    The LOV for Section Code is


    derived from the Purchasing Look up
    WCT_SECTION

    Navigation – India Local Payables: Set up: Tax: Taxes

    6
    Transaction
    After the above set ups are in place, we can create transactions deducting WCT.

    The WCT Tax Code defined in the India Localization Tax definition window is available
    in Attribute 2 of the Invoice Distribution DFF having context as India Distributions.

    7
    On Validation of the Payable Invoice with WCT Tax Id, the India Localization trigger
    will populate the AP Interface and calls the Payable Open Interface.

    8
    The Payable Open Interface gets fired which fetches data from AP Interface and populate
    the AP workbench with the WCT Invoices. The concurrent Program ‘Validation of TDS
    Invoices’ will fire if the ‘Create Prevalidated Invoice’ is checked at the Supplier Site
    level on the Supplier Additional Information.

    This can be verified by re-querying the Payable Invoice as below.

    9
    A WCT Credit Memo on the Payable Vendor and a Standard Invoice on the WCT
    Authority becomes available on the Payable Workbench.

    The WCT Standard Invoice generated on the WCT Authority needs to be paid before
    generation of a certificate.

    10
    Certificate Generation

    Following are the steps to generate WCT Certificate: -


    1. Run the Concurrent India Process TDS Payments by specifying the parameters

    The Concurrent India Process TDS Payments populates data. This concurrent will insert
    data into jai_ap_tds_payments. The Log file shows the WCT Invoice being selected and
    processed.

    11
    2. Run the Concurrent India Generate TDS Certificate by specifying the parameters

    This will generate a Certificate Number. The certificate number can be verified from the
    Log file.

    12
    India Generate TDS Certificate concurrent Program shall update the Certificate number,
    Fin Year and Form16_HDR_ID for each of the transaction data in jai_ap_tds_payments.
    Certificates are unique for a Vendor, TAN Number and Fin Year Combination. The
    transaction data in jai_ap_tds_payments for each of the above combination is marked
    under a certificate. The table jai_ap_tds_cert_nums contains the maximum certificate
    number for an Org Tan Num, Fin Year combination
    
    Oracle Financials for India does not provide any format for printing the WCT Certificate
    However, the above framework can be used to design a report as per state specific
    requirement.

    13

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