Can any one please let me know how to define tax according to my choice. I dont want to create a fixed tax, where as I want all my taxes, e.g- excise tax, sales tax, edu tax etc to be edited or changed at every time of making an invoice or an quote.
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Please see the documentation:
http://doc.openerp.com/v5.0/uk/book/3/3_8/statutory_taxes.html
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You can add new tax any time on the fly by filling the tax field. When you add a product to the sales order, on the same dialog you can input a new tax name and click on create and edit to set the rate or fixed amount for this tax.