Can any one guide me how can i set withholding 20% on sale tax
sale tax 13%
Does this help? Account for withholding tax on sales invoices | Manager
this is a feature still in ideas waiting to be implemented.
no i know this feature it works on net amount ,
i wanna withhold on sale tax amount
like contract amount is 527859 * sale tax 13%= 68620
total sale tax invoice amount is 527859+68620=582,746.00
Payment Method in pakistan
582746income tax withholding 3%=Rs. 17,482.38 & 20% of sale tax amount which is 6862020%=13724
so the chq amount is 582746-17482.38-13724=564,917.86
13724 calulation system is missing in manager io
Make the withholding tax % = 5.3% and not 3% 5.30088% to be more accurate)
| Net | 527,859.00 | |
|---|---|---|
| Sales tax | 13% | 68,621.67 |
| Gross | 596,480.67 | |
| Withholding tax 1 | 3% | 17,894.42 |
| Withholding tax 2 | 20% | 13,724.33 |
| Total | 5.30% | 31,618.75 |
| Balance due | 564,861.92 |
The guide also suggests that in some cases, you may have to calculate the tax manually and then apply it as an amount and not use the rate options