Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
What is TCS u/s 206C(1H). How can we Enable ?
Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. As per new rules applicable from 1st October 2020, a seller selling any commodity to a party is required to collect TCS based on certain conditions. If...
I'm encountering errors when trying to save TDS-related entries in the software. What might be causing this, and how can I resolve it?
If you're facing errors when trying to save TDS-related entries in the software, you can resolve this issue by following these steps carefully:
Step 1: Go to the Transactions section in the software.
Step 2: Click on Journal Voucher.
Step 3: Click on modify option to edit journal entry.
Step...
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...
I am unable to see the TDS entries in the Q form. How can I resolve this?
To resolve the issue of not being able to see the TDS entries in the 26Q form you need to ensure that you have correctly entered the TDS payment vouchers with proper references and codes. for Double-check your entries & how to do JV & payment entry. Kindly follow the...
How do I map the correct tax heads for TDS and sales incentives in BUSY?
To configure the TCS /TDS configuration should done properly in BUSY and TCS/TDS is enable in the party master.
Pls Follow the Below the Steps for TCS/TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option...
How can I maintain the accounting for TDS or TCS deductions?
To maintain the accounting for TDS or TCS deductions in BUSY you need to follow the steps
1 Go to administration menu and click to configuration then click on feature option
2 Then click to TDS TCS and enable TDS and TCS Reporting
3 enable warnning for TDS in purchase...
What is TDS on Pymt./Purc. u/s 194Q. How can we Enable ?
Tax Deducted at Source (TDS) is the tax deducted by a buyer for the payment of the goods purchased. As per section 194Q, the buyer is liable to deduct TDS @ 0.1%of the purchase value above INR 50 Lakhs if PAN of the seller is available and @5% if PAN...
Why is TCS bill sundry is not showing while doing voucher entry?
If TCS bill sundry is not showing while doing voucher entry please follow these steps:
Step 1: Go to administration menu then click on configuration submenu
Step 2: Click on features and options tab after that click on TDS/TCS option
Step 3: Ensure that enable TCS reporting option checkbox is...
How do I configure TDS and TCS in BUSY as per latest norms?
Find out the steps to configure TDS in BUSY
Step1 : First go to administration
Step 2 : Then go to configuration
Step 3 : Then go to features and option
Step 4 : Then go to Tds/Tcs option
Step 5 : Then enable tds Reporting option and can set...
I am unable to generate a reference number for the TDS amount deducted. How can I add a reference number?
If you are unable to generate a reference number for TDS amount deducted Then you have to
follow the steps
Step1 go to administration menu and click on configuration then click on feature options
Step2 click on TDS TCS option and check that Skip tds reference option must be disable ...
