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This page allows you to create a tax calendar. Tell me more.
Select the “Create Tax Calendar” link at the bottom of the “Create Financial Year” page.
The “Create Tax Calendar” page appears.
The system displays the following:
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Company Name |
The name of the company. |
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Status |
The status of the tax year. |
Enter the following fields in the “Tax Year Details” group box:
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Tax Year Code |
A unique code identifying the tax year (Alphanumeric, 10). Mandatory. |
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Description |
A textual description of the tax year (Alphanumeric, 10). Mandatory. |
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Zoom facility available | |
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Start Date |
The date on which the tax year begins (Date Format). |
Note: If a financial year exists before this the system will default the last date of the previous tax year + 1.
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End Date |
The date on which the tax year ends (Date Format). |
Note: The date entered in this field must be after the date entered in the “Start Date” field.
Enter the following field in the “Period Details” group box:
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Frequency |
Use the drop-down list box to select the frequency in which the tax periods must be created. You can select from “Half-yearly”, “Quarterly”, “Monthly”, “Fortnightly” or “Customized”. |
Click the “Compute” pushbutton to calculate the tax periods based on the selected frequency, start date and the end date of the tax year.
The system calculates and retrieves the start dates and end dates of the tax periods in the “Tax Period Details” multiline.
Enter the following fields in the “Tax Period Details” multiline:
Note: At least one tax period must be defined for a tax year.
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Tax Period Code |
A unique code identifying the tax period for the tax year (Alphanumeric. 10). Mandatory. |
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Description |
A textual description of the tax period (Alphanumeric, 40). Mandatory. |
The system displays the following:
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Start Date |
The date on which the tax period begins. |
Note: The system displays the start date of the tax year by default in the first row of the multiline In the subsequent rows of the multiline the system displays the start date as the end date on the previous tax period + 1.
Enter the following fields in the “Tax Period Details” multiline:
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End Date |
The date on which the tax period ends (Date Format). |
Note: The date entered in this field must not be after the end date of the tax year.
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Legacy Date |
Use the drop-down list box to set whether the tax period is a legacy period from “Yes” and “No”. |
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Note: If “Yes” is selected for a tax period all the preceding tax periods must also have legacy dates.
If “No” is selected for a financial period, the subsequent tax periods must not have legacy dates.
Click the “Create” pushbutton to create the tax calendar.
The status of the tax calendar is updated as “Active”.
The system displays the following:
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Created By |
The login ID of the user who created the tax calendar. |
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Created Date |
The date on which the tax calendar was created. |
To proceed, carry out the following
Select the “Attach Tax Calendar” link at the bottom of the page to attach the tax calendars to a company.
Select the "Attach Notes" link at the bottom of the page to record your observations.
Creating tax calendar – An overview
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You can define a tax year by providing start date and the end date. You can also divide the tax year into tax periods. The duration of the tax period is based on the business requirements of the user. In any case the system allows you to calculate the tax periods based on the frequency that has been selected. A tax year could have half-yearly, quarterly, monthly, fortnightly or userdefined tax periods. The start and end dates must also be defined for the tax periods. The status of the newly created tax period is updated as “Active”.
If the migration from the earlier system has happened in the middle of the newly defined tax year, you can set the periods that have been already completed as legacy dates.
You can generate tax periods for the tax year by selecting a frequency. Based on the frequency selected the system will generate the tax periods along with the start dates and end dates.
Select the “Frequency” in which the tax periods must be created.
Click the “Compute Periods” pushbutton to generate the tax periods.
The system generates the tax periods based on the selected frequency.
