I want to setup TDS deductions for rent and salary in BUSY. What are the steps I need to follow?

To set up TDS deductions for rent and salary in BUSY, follow these step-by-step instructions:
For Rent Deductions:
1: Go to the Administration Menu.
2: Click on Masters.
3: Select Account.
4: Click Modify and search for the Rent Master. Then, click Enter.
5: In the popup window, select Yes for TDS on expenses.
6: Choose the option Rent of Land, Building, Furniture, etc.
7: Click Ok to proceed and save this master.
For Vendor Account Master:
1: Go to the Administration Menu.
2: Click on Masters.
3: Choose Account.
4: Click Modify and search for the vendor master. Then, click Enter.
5: In the popup window, select Yes for TDS on expense booking.
6: Select the payee category option based on the vendor's PAN card number, such as Domestic Company, Partnership Firm, or Individual - Residents. Choose the one that applies.
7: Click Ok to proceed and save this master.
To Enter Rent Journal Entry:
Step 1: Go to the Transaction Menu and click on Journal Voucher.
Step 2: Click on Add and fill in the journal voucher header details.
Step 3: In the journal voucher, select the Debit Account and Credit Account as the vendor's name. Click Enter to open the TDS calculation popup window.
Step 4: Click Yes to calculate TDS for the current voucher and then click Post to save the journal voucher.
For TDS on Salary:
Please note that handling TDS on salary requires the enterprise edition license. Follow these steps:
1: Ensure you have the enterprise edition license.
2: In the Administration section, select Configurations Features/Options and choose Enterprise Features.
3: Enable the Payroll feature and configure the TDS on salary option. Save this information.
4: Configure salary components and employee master.
5: Go to the Transactions section and create a new salary transaction voucher. Fill in the necessary information, calculate the salary, and save the details.
These steps will help you set up TDS deductions for rent and salary in BUSY.
  • Home
  • /
  • faqs
  • /
  • i want to setup tds deductions for rent and salary in busy what are the steps i need to follow

BUSY is a simple, yet powerful GST / VAT compliant Business Accounting Software that has everything you need to grow your business.

phone Sales & Support:

+91 82 82 82 82 82
+91 11 - 4096 4096