Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
The TDS configuration is missing from my BUSY settings. How do I enable it?
If you're having trouble finding the option to enable TDS in BUSY, here's how to do it:
Step 1: Check Your Access: Make sure you have full access rights. If you don't, ask your superuser (the person with higher access) to give you the necessary permissions to enable TDS.
Step 2: Enable TDS:
In the software, go to the Administration section.
Find the Configuration option and click on it.
Look for Features/Options and select it.
In the list, find TDS/TCS and choose it.
Enable the TDS Reporting option.
Click the Save button to save these settings.
By following these steps, you should be able to enable the TDS option in BUSY even if you initially couldn't find the configuration options for it.
I made a TCS payment in March which will reflect in April. How should I account for this payment in the system?
If you made the TCS payment in the march then will reflect in April then you have to create the TCS payable account in the last year under group current liabilities.
Step 1: Go to the transaction and pass the journal voucher, DEBIT the tcs payable account and CREDIT the tcs account.While saving the voucher adjust the tcs reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tcs payable account.
Step 2: Change the financial year with new and changed masters from Administration menu.
Step 3: Go to the transactions, Pass the tcs payment entry through journal or payment voucher. DEBIT the tcs payable account and CREDIT the cash or bank account.
I made some TDS entries in BUSY without references. How can I go back and add references to those entries?
If the TDS references are not created for TDS entries in the BUSY, then follow below steps.
Step 1: Make sure the TDS feature is enabled from the features and Options.
Step 2: Tag the TDS category in the expense account and Enable the TDS option and mention the TDS applicability in the party master.
Step 3: In the TDS Bill sundry, Make sure to tag the TDS account in the option of Account head to post for Adjust in the purchase amount.
Step 4: Open the required purchase voucher then apply the TDS bill sundry and while saving the voucher then TDS reference window will get open. You have to create the reference and during the payment voucher adjust it that reference.
I am unable to deduct TDS on certain expenses in BUSY.
When TDS rate is not calculating for certain expenses in the voucher, Then pls follow the below steps :
Step 1: Make sure you have enable the TDS feature in the expense account and correctlt tag the TDS category.
Step 2: For TDS Expense, Make sure you have mention the correct payee category in the party master.
Step 3: Check in the TDS category as when the threshold limit get cross then TDS get charge automatically in the voucher.
Step 4: In TDS bill sundry, Make sure that TDS account is correctly tag and the option on which tds will be calculated.
Step 5: In TDS Account, Make sure that the correct TDS category should be tag in the tds account master.
How do I generate a TDS report in BUSY?.
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 adjust TDS Rent on Land in the TDS report?
To show the TDS on rent entry in the TDS report then have to properly create and adjust the TDS refereces in BUSY.
Pls follow the below steps :
Step 1: Mention the TDS category in the TDS rent on land expense account.
Step 2: Book the TDS expense entry through journal voucher. DEBIT the TDS rent on land 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 reference 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.
How can I generate error-free TDS returns from BUSY?
To generate error-free TDS returns from BUSY, you need to ensure the following steps:
1. Configure TDS settings accurately: Set the correct TDS rates and threshold limits in the software.
2. Enter correct TDS details: Make sure to enter accurate TDS challan details and deduct TDS correctly for each transaction.
3. Verify TDS reports: Regularly check TDS reports in BUSY to ensure the accuracy of TDS calculations and deductions.
4. Generate TDS return file: Use the software to generate the TDS return file (Form 24Q) according to the required quarter.
5. Validate the TDS return file: Use the TDS utility provided by the government to validate the generated TDS return file for any errors or discrepancies.
How can I carry forward the TDS reference to the next financial year, and how can I apply round off in a journal entry?
in BUSY, statutory references will not be carried forward to the next year, and they must be adjusted in the same financial year and if you are making payment for such taxes like gst or tds, then follow these steps:Step 1: Go to previous financial year then go to transaction section
Step 2: Choose the journal entry and post accounting entry to transfer the tds amount in tds payable under current liability head with refernece adjustments
Step 3: Now, go to administration then click on change financial year.
Step 4: Select the required financial year and press on yes to carry balance then click on new and change master .
Step 5: After complete the process, make tds payable payment in current financial year.
What should I check to identify and correct vouchers with incorrectly calculated TDS in the annual report?
If TDS is not reflecting correctly in TDS report in BUSY, Then follow the below steps.
Step 1: The TDS feature should be enable in the party master and set the applicability after limit.
Step 2: Mention the PAN number in the party master for calculating the correct TDS value.
Step 3: In the TDS bill sundry, the correct tds account should be tag and default value should be zero.
Step 4: In the TDS Bill sundry, The tds deduction amount should calculate either on net bill amount or taxable amount as per your requirement.
Step 5: Remove the TDS bill sundry from F9 and add it again in the voucher, As sometimes it get refresh and shows the proper value.
The TCS amount is not calculating correctly in my BUSY purchase vouchers. It should be Rs. but it's showing Rs. What should I do?
The TCS amount is not calculating correctly in my BUSY purchase vouchers, please follow below steps .:
Step 1: Ensure that you are using the latest version of the BUSY.
Step 2: Incorrect data entry: Double-check the data you have entered for accuracy, including the TCS amounts, TCS Ref. No. and other relevant details
Step 3: TCS deducted or not in sale bill entry.
Step 4: Check TCS Deducted Invoice date and Tax collected on date.
Step 5: To generate TCS Report Go to Display Menu click on TDS / TCS Reports.
Step 6: Click on TCS Collection Details option
Step 7: Select All Category - All References option
Step 8: Select Stating date, Ending date and Report Status as on date.
Step 9: click on OK