Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
TDS is being picked up automatically in BUSY, but TCS is not. How can I enable automatic TCS?
To setup the TCS in BUSY to pick automatic in the voucher.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 to enter a TCS (Tax Collected at Source) transaction in BUSY. How can I do this?
To setup the TCS in BUSY to pick automatic in the voucher.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 TCS 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 am unable to add TCS to an invoice in BUSY. How can I do this?
To setup the TCS in BUSY to pick automatic in the voucher.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.
What's the process for recording TCS collections from customers in the BUSY sales module?
To setup the TCS in BUSY to pick automatic in the voucher.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 TCS sale 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 reference 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.
Why are the TDS entries for April month not showing, even though I have entered them?
The TDS entries for the April month may not be showing because there could be an issue with TDS Deduction Details if Purchase voucher date or expense date selected 01-04-23 & TDS Deduction date selected on 01-05-23. so that entry will not show in April Month. that entry will reflect in May Month. To check & Correct the entry. Kindly follow the following Steps.
Step 1: Go to Transactions
Step 2: Click on Purchase vouchers option
Step 3: Click Modify Purchase Bill which is not reflecting in April month.
Step 4: Click on save voucher will get popup of Adjust TDS References.
Step 5: Check the TDS Deduction Details Where Ref. No.& date of TDS Ded. On & Expense Date.
Step 6: click on OK and save purchase voucher.
Step 7: To check and generate the TDS Report Go to Display.
Step 8: click on TDS/TCS Reports
Step 9: click on TDS Deduction Details (Non-Salary) option.
Step 10: Select TDS Category-All Refereneces- All Deductee
Step 11: Select Stating and Ending date with Status as on date.
TDS amounts are missing in purchase reports; what settings need adjustment to view TDS details?
In BUSY, we have seperate TDS report from where we can view the TDS pending and adjustment details.
Pls Follow the below steps for TDS reports :
Step 1: Click on Display menu
Step 2: Then TDS/TCS report
Step 3: Then can check in Tds deduction details report and in 26Q form.
As we apply the TDS in the purchase voucher bill sundry, Then it add the TDS through custom column in purchase reports. TDS amount will show correct if you have applied the TDS in same bill sundry of the voucher.
Pls Follow the Below Steps for Custom Column in Reports:
Step 1: Open the required report and Click on Custom Column Option
Step 2: Mention the Format Name
Step 3: Click on Add New Column or Add New Row
For New Column :
Step 1: Mention the Heading, Position ,Data type Field and Alignment as per your need.
Step 2: Select the Field Value - Data Field
Step 3: Select the Category - Inventory Body
Step 4: Select the field of
The TCS is being calculated on the net bill amount instead of the taxable amount. What should I do to apply TCS on the taxable amount?
Issue: If you are unable to apply TCS on the taxable amount before GST; it's currently being applied after GST or Nett bill amount. You should know below points.
Step 1: Understand the Issue
Tax Collected at Source (TCS) in India is a tax collected by the seller from the buyer on specific transactions. TCS is usually charged on the total invoice value or the consideration received, which includes GST when it's applicable.
Step 2: Resolve the Issue
If you want to charge TCS on the taxable value (before GST),
Access the Bill Sundry Master and choose the option for TCS (Tax Collected at Source) & modify the master.
Set the calculation basis to Taxable Amount.
Save the Bill Sundry.
Note: It's important to be aware that TCS rules and regulations typically require the tax to be calculated on the net bill amount, including GST. Modifying this calculation may not comply with tax regulations. Therefore, it's advisable to consult with a tax professional or consider the relevant tax laws before making such changes to ensure compliance.
What is the procedure to correctly record TDS on expense vouchers in BUSY?
You can record the 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.
I want to enter transactions correctly in the TDS module. What steps should I follow?
To record 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.
What are the TDS settings in BUSY?.
The TDS settings in BUSY refer to the configuration options and parameters that can be adjusted to set up and manage Tax Deducted at Source (TDS) in the software. These settings include options to enable TDS, define TDS categories, set TDS rates, configure TDS applicability for parties, and generate TDS reports. Step 1: You Need to Enable first TDS Go to Administration Menu and click on Configuration option.
Step 2: click on Features / Options and click on TDS/ TCS option.
Step 3: tick on Enable TDS Reporting and also you can create default TDS Categories.
Step 4: Enter TDS other details, compnay address,Contact details.
Step 5: If required enable Warning for TDS in purc. u/s 194Q & TDS inpymt.u/s 194Q
Step 6: Click on Save.
Step 7: enable TDS on Expense booking option and select under TDS on pymnt./purc.u/s 194Q option Applicable from start or Applicable after limit.
Step 8: Select payee Category As Domestic Company or as per the party's details. and click on OK.
