Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How can I verify if TDS has been deducted correctly in BUSY?.
To verify if TDS has been deducted correctly in BUSY, you can generate TDS reports in the software. These reports will show the details of TDS deductions made for different parties and transactions. You can compare the deducted amounts with the actual TDS rates and verify if they match. Additionally, you can cross-check the TDS entries in the vouchers to ensure they are recorded accurately.
To Generate a TDS Report In BUSY you can follow these steps:
Step 1: Go To Display Menu.
Step 2: Click on TDS/TCS Reports.
Step 3: Enter on TDS Deduction Details (Non - Salary ) option.
Step 4: Choose option: All TDS Category Or Selected Category.
Step 5: Choose TDS References option: All Or pending References
Step 6: Choose TDS Deductee: All Deductee Or One Deductee.
Step 7: Select option for generate TDS reports Starting date,Ending date,status as on. and click on OK.
Step 8: Report will be displayed on the screen. Users can then choose to either export the report to save it in a digital format or print it out as a hard copy for their records or further use.
How can I import TDS categories from Excel or another company into BUSY?
In BUSY, you cannot import tds category through excel. You can import it through Xml process when the configuration will get match with the our company.
Pls follow the below steps for importing through XML :
Step 1: Click on Administration from source company
Step 2: Then Data export import
Step 3: Then export data
Step 4: Then masters, Untick the all option and tick the only tds category
Step 5: Specify the folder path for the export
Step 6: Open the target company
Step 7: Click on Administration
Step 8: Then import data
Step 9: Then mention the folder path which you have exported from the source company
Step 10: Then import it with match configuration.
If there are only few TDS category then you can add it manually in the company.
Pls follow the below steps for creating the TDS Category :
Step 1: Click on administration
Step 2: Then Masters
Step 3: Then TDS Category
Step 4: Then Add the TDS Category, then tax rate for the payee category in the tds with PAN and TDS without PAN column and save it.
Why are some company accounts locked at a % TDS rate in BUSY by default?
To fix the issue related to TDS rates, please follow these steps:
Step 1: Go to the Administration Menu and select Masters, then choose Account and select Modify Mode.
Step 2: Select the respective account from the dropdown menu where you are facing TDS rate issues.
Step 3: While in Modify mode, when you press Enter on the account group, a TDS/TCS information window will appear.
Step 4: Take note of the Payee Category tag under the TDS/TCS information.
Step 5: Similarly, you need to open the respective expense master and note down its TDS category master.
Step 6: Now, go to the Administration Menu and select Masters, then choose "TDS Category" Master and select Modify mode.
Step 7: Select the TDS category for the expense from the dropdown list and open it in Modify mode.
Step 8: Choose the noted Payee category and correct/update the TDS rate, specifying whether it's With PAN or Without PAN.
By following these steps, you will rectify and update the TDS rates for the respective expense, and when you post a voucher, it will deduct the correct TDS percentage.
I'm unable to enable automatic TCS addition in BUSY. How can I configure the software to automatically add TCS?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
How can I add TCS charges to my sales invoices in BUSY, and how can I configure this?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.Make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
How can I set up automatic application of TCS in BUSY after sales cross Rs. lakhs?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
How can I properly record and adjust TCS (Tax Collected at Source) amounts in BUSY?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
I want the TCS tax to be calculated automatically in the bills generated through BUSY. What settings do I need to adjust for this?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
How do I set up TCS deduction for customer invoices in BUSY?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below the Steps for TCS 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: 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 refernce during the receipt voucher.
Step 9: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
How can I set up TDS deduction in BUSY to deduct TDS automatically?
Make sure you have recorded the correct TDS entry in the BUSY and created the proper references.
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 and payee category.
Step 8: Mention the TDS category in the expense account
Step 9: 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 10: 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.
