Create Declaration Calendar – A summary of the activity

This activity allows you to create a declaration calendar for a company.

The combination of a financial year and its associated financial periods is called a “Calendar”. Creating declaration calendar facilitates reporting of tax payable / receivable to statutory authorities at required intervals. You can also create a calendar year based on the financial year.

You can provide a unique ID for the declaration calendar year. You can specify the start date and the end date of the declaration calendar. The system generates a unique code identifying the declaration period based on the selected frequency. The system notes the status of the newly created declaration calendar year as “Draft”. The system also stores the login ID of the user and the system date along with the newly created declaration calendar year details.

The Tax payable / receivable is declared periodically to the Statutory Authorities through the filing of a Declaration report. For this purpose, a Declaration calendar is to be defined.

The Calendar facilitates definition of declaration year and period codes, for the purpose of declaration of Tax related information to tax authorities and for reporting purposes. The declaration Year code is user-entered while the period codes are automatically generated. It is possible to adopt the financial calendar definition for Tax if this is so specified in Company Process Parameter, which is defined at the time of installation and cannot subsequently be modified.

The Declaration calendar is to be defined at the company level, which will be done in only one declaration OU. This will also be identified in ‘Company Process Parameter’.

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