Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
Why is the TDS amount calculated incorrectly, and how can I resolve this issue?
To resolve the incorrect TDS amount calculating in the voucher, then pls follow the below steps :
Step 1: Make sure that in the tds category you have mention the correct percentage of deduction with PAN and without PAN.
Step 2: Make sure that in the tds account, you have selected the correct tds category and in the party master.
Step 3: In the TDS bill sundry, the correct tds account should be tag and default value should be zero.
Step 4: In TDS Bill sundry, The tds deduction amount should calculate either on net bill amount or taxable amount as per your requirement.
Why are TDS reports not generating in BUSY after making TDS payments?
If the TDS reports are not generating after making the TDS payments,then Pls follow the below steps.
Step 1: Make sure you have properly created the TDS references in the purchase and payment voucher.
Step 2: Make sure you have selected the correct date range or quarter while opening the tds report.
Step 3: If you have apply any filter then remove and check it in the report.
Step 4: Check that you have selected the correct TDS category in the report.
Step 5: If you are using the voucher approval then make sure it is approved then will reflect in the TDS report.
How do I link the TDS deduction to payment in BUSY?
To link the tds deduction to payment in BUSY follow the steps
Step1 Go to transaction menu and click on payemnt and click to add
Step2 fill the voucher details like series date voucher number
Step3 make debit the TDS category and its amount and Credit the bank or cash
Step4 at the time of saving a adjust tds reference box will open where select the tds category
which you are paying select the quarter for payment then select the reference number then fill
other details like date of payment challan number cheque number bsr number bank and save
How can I apply TCS and create a source manually?
If TCS bill sundry is not showing while doing voucher entry please follow these steps:
Step 1: Go to administration menu then click on configuration
Step 2: Click on features and options tab after that click on TDS/TCS option
Step 3: Enable TCS reporting option checkbox is tick
Step 4: Specify necessary details and make sure warning for TCS in sale and receipt along with section name is selected as warning only
Step 5: Save the changes
Step 6: Now in party master enable TCS and mention payee category then save
Step 7: When posting voucher apply tcs window will appear mention yes and tcs will be charged
Why is the TDS deduction not showing correctly in BUSY?
To resolve the incorrect TDS amount calculating in the voucher, then pls follow the below steps :
Step 1: Make sure that in the tds category you have mention the correct percentage of deduction with PAN and without PAN.
Step 2: Make sure that in the tds account, you have selected the correct tds category and in the party master.
Step 3: In the TDS bill sundry, the correct tds account should be tag and default value should be zero.
Step 4: In TDS Bill sundry, The tds deduction amount should calculate either on net bill amount or taxable amount as per your requirement.
How do I adjust TDS while making payments in BUSY?.
To adjust TDS while making payments in BUSY, you need to follow these steps:
1. Create a TDS payable account under Duties & Taxes in the Chart of Accounts.
2. Record the TDS deduction in the expense entry by selecting the appropriate TDS category.
3. While making the payment, select the TDS payable account as the ledger account for TDS.
4. Enter the TDS amount in the payment voucher and adjust it against the TDS payable account.
5. The remaining amount can be allocated to the vendor's account.
By following these steps, you can properly adjust TDS while making payments in BUSY.
What is the setting to change TDS from "no action" to "warning only"?
To calculate the TDS automatically, then follow the steps.
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: Select TDS section as Warning only or No action.
Step 7: Open the party account in modify mode
Step 8: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
Step 9: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
Unable to view TDS Entry in Form 26Q in BUSY under Display Menu.
Form 26Q
When a company TDS payment is deposited at the government (Income Tax Portal) portal it reflects under Form 26Q.
Unable to view TDS Entry in Form 26Q in BUSY under Display Menu follow the below steps:
Step 1: Make sure user created TDS reference in each Voucher (Purchase/Expense/Journal) where TDS is applicable as per him
Step 2: Go to Transaction->Payment-> and do the TDS payment against those reference
Step 3: Go to Display->TDS/TCS Report->Form 26Q
If he deducted any TDS against the need to do Debit Entry. If his buyer deducted any TDS against the invoice raised by him, he need to do Credit Entry at Transaction->Payment
What customization options are available in BUSY to meet specific business requirements?
BUSY offers customization options to meet specific business requirements. Users can customize their invoice format, add or delete fields like MRP, sale price, and item code on the invoice. They can also link stock details to sales/purchase invoices and show pricing information like purchase cost and profit margin. Additionally, users can modify tax and total calculations on invoices and remove columns like GST and grand total from the invoice layout. BUSY also provides options to customize sales reports according to individual needs, including customer-wise sales reports and detailed sales analysis. For further customization, users can consult with the dealer and request specific modifications.
My accounting software is running on an older version but the TDS reports are not generating properly. Do I need to update the software?
If you have older version then also TDS reports should show properly.If you will file the TDS return then you BUSY version should be updated.
Pls follow the below steps for Tds report not showing properly:
Step 1: Make sure that the TDS category correctly tagged in the party master.
Step 2: Make sure that the TDS entries has been properly done in the voucher.
Step 3: Make sure that the TDS category has been properly tagged in the TDS bill sundry.
Step 4: Make sure that the TDS references amount has been correctly calculated as per PAN number or without PAN number.