TCS amount collected at source in the sales voucher is not reflecting in the current assets in BUSY. How can I address this?
TCS is a part of duties and taxes , It will show the amount under current liability in the balance sheet.
Frequently Asked Questions
Solutions to common issues related to Taxation — Tds Tcs Data Feeding And Report.
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Step-by-step Answers
My vouchers are getting saved directly without showing the TDS pop-up. How can I ensure the TDS pop-up opens before voucher saving?
The TDS popup will show when your threshold limit get cross and TDS option should be enabled in the party master.
Can I still use my old tax return file made in the previous version of BUSY with the latest version?
Yes, you can still use your old tax return file made in the previous version of BUSY with the latest version.
Can I manually compile TDS return data and file it if the software bug is not resolved before the deadline?
Yes, you can manually compile TDS return data and file it if the software bug is not resolved before the deadline.
How can I customize the date range for the TCS report, as it seems limited to certain months?
You can view the TCS report as per the date range or can see the quarter wise of that financial year.
How can I ensure that TDS is applied to multiple items in a single invoice in BUSY?
When you apply the TDS bill sundry in the invoice then its value consider on proportionate basis in the all items.
I have tagged transactions in the middle of my data. How can I get all the old untagged transactions to show in my TCS report?
You have to manually add the TCS bill sundry in each transaction after that will reflect in the TCS report.
For TDS deductions, should I consider taxable value or total invoice value in BUSY? What is the recommended approach?
TDS is deducted on the taxable value for expenses, while for goods, it is deducted on the total invoice value.
How do I enter multiple deductive notes in BUSY? I'm getting an error saying only one is allowed.
In BUSY, only one deductive note is allowed per entry. You cannot enter multiple deductive notes in a single entry.
I am unable to find the TDS/TCS returns file generated from BUSY. Where can I locate it?
The TDS and TCS ereturn file get generate default in the BUSYwin folder where BUSY is installed in the system.
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