Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
I have transferred funds to meet the TCS exemption threshold but the software is still auto-applying TCS deduction. What should I do to reflect the updated exemption status?
To update the TCS exemption threshold status,There is no such seperate option.You need to mention the reason after enabling the lower rate applicable option in the TCS reference window while saving the voucher.
I am unable to modify the TDS sub-section in the duplicate TDS entry I created. What should I do to change it?
Make sure you should have user rights to modify the voucher. You can change it either by opening the company from the super user or can give modification rights to the sub user.
I want to apply both GST and TDS to an invoice with two line items, but it's only applying to one. How can I apply them to both items?
The GST and TDS will get apply in both the items if you apply the GST and TDS in the bill sundry.Make sure that the TDS bill sundry configuration should be proper.
The party ledger balance is getting affected when I am testing TDS configuration changes in BUSY. How can I experiment with TDS without impacting actual books?
You can create the new party for testing the TDS configuration. This will not impact the any party ledger balance in BUSY. After testing the TDS configuration then can remove that entry.
I'm unable to see one of my vouchers in the TCS report. Why is one voucher showing, but the other is not?
If one voucher is missing in the TCS report then make sure you have created the reference of that voucher. As without TCS reference data will not showing in the TCS report.
What is the accounting entry for charging TDS to a party?
when tds charge from party journal entry may be expesnse account debit ,party account credit and tds account credit
Note- For Accounting entry you can consult from your accountant or from your ca
How to do period closing and TCS settlement in BUSY?
Book the TCS entry through sales voucher by adding the TCS bill sundry.When you save the voucher then tcs reference will get create and can adjust the reference during the receipt voucher.
BUSY is not asking for the challenge number during TDS entry. How can I enter the challenge number?
You can generate the TDS challan from the below option.
Step 1: Click on Print/Email/Sms
Step 2: Then TDS/TCS reports
Step 3: Then Bank challan
Step 4: Select the TDS and can preview then print it
The TCS amount is going to Duty & Taxes head in BUSY instead of TCS. Why?
The TCS amount is going to the Duty & Taxes head in BUSY instead of TCS because it needs to be tagged under the TCS category in the Duties & Taxes section.
Why is TDS being calculated at % even when the party has a PAN card?
If the TDS is being deducted 2 percent when already mention the PAN number in the party master.Then check the TDS bill sundry default value should be zero instead of 2 percent.