Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
Can you guide me through the process of configuring TCS and TDS reporting in BUSY?
Pls follow the below steps for maintaining TDS and TCS in BUSY.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS and TCS as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
Step 8: Then in purchase voucher will calculate automatically the TDS and TCS in the sale voucher and reference will get create.
Pls follow the below steps for TDS and TCS reporting in the BUSY.
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TDS Deduction details
Step 4: Then TCS Collection details
I want to adjust TDS deductions made last year. Should I make the accounting adjustment in last year's books or the current year? What is the best practice?
When previous year TDS reference is pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
I made manual TDS deductions but they are not showing up in the TDS reports. How can I get the manually deducted TDS to appear in the reports?
If you manually deduct the TDS in the voucher then make sure you have created the proper TDS reference in the voucher. If the reference are created properly then will show in the TDS report.
Pls follow the below steps :
Step 1: Enable the TDS category in the party and in expense master.
Step 2: Book the TDS expense entry through payment or journal voucher. DEBIT the expense account and CREDIT the party account and TDS account.
When you save the voucher the tds reference will get create and can adjust the refernce during the TDS payment.
Step 3: When you do the TDS payment, Then DEBIT the tds acccount and CREDIT the bank account. Adjust the tds reference which you have created in while booking the tds entry.
I need to deduct TDS for a vendor that has crossed the lakh threshold this financial year. How do I set up and deduct TDS in BUSY?
To setup the TDS calculate automatically for the vendor bills exceeded with 50 lakh then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit- Applicable after limit.Then TDS will get charge if the limit get cross after 50 lakh.
Step 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
How do I link or adjust entries for TDS deductions made in the previous financial year with payments made in the current year in BUSY?
When previous year TDS reference is pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
How is the TDS deduction reference carried forward to the next financial year? Do I need to do something specific to link TDS references?
When previous year TDS reference is pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
How can I enable TCS and TDS reporting in my BUSY?
Pls follow the below steps for maintaining TDS and TCS in BUSY.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS and TCS as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
Step 8: Then in purchase voucher will calculate automatically the TDS and TCS in the sale voucher and reference will get create.
Pls follow the below steps for TDS and TCS reporting in the BUSY.
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TDS Deduction details
Step 4: Then TCS Collection details
How can I configure the system to automatically calculate TDS based on the net purchase value?
When the TDS is not calculating automatically for the vendor bills then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit as per your requirement.Then TDS will get charge if the limit get cross after 50 lakh.
Step 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
What is the right way to account for TDS deduction so that the books show the correct net amount paid and TDS deposited?
The right way to account for TDS deduction so show correctly in the books, Then pls follow the below steps :
Step 1: For TDS 194Q, Make sure that you have mention the PAN number in the party master. As if we do not mention the PAN number then will get charge by 5 percent rate.
Step 2: For TDS Expense, Make sure you have mention the correct payee category in the party master.
Step 3: In TDS bill sundry, Make sure that TDS account is correctly tag and the option on which tds will be calculated.
Step 4: In TDS Account, Make sure that the correct TDS category should be tag in the tds account master.
Step 5: Make sure you have properly created the references and adjust it in the voucher.
What settings are required for automatic TDS calculation?
To automatically TDS for the vendor transactioon exceeded with 50 lakh, then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: Then in TDS/TCS window, mention the applicable limit- Applicable after limit.Then TDS will get charge if the limit get cross after 50 lakh.
Step 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
