Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How do I record entries for TDS deductions by clients in BUSY?
To record entries for TDS deductions by clients in BUSY, you can follow these steps:
1. Create a TDS payable account under the "Duties & Taxes" head.
2. Make a journal entry to record the TDS deduction, debiting the TDS payable account and crediting the client's account.
3. Enter the PAN details of the client to link the TDS deduction.
4. Ensure that you tag the correct TDS tax type to the entries.
5. If you need to adjust TDS deductions when issuing credit or debit notes, you can do so by making appropriate journal entries.
TDS is not being applied automatically even after crossing the lakh limit in BUSY. What could be the reason?
When TDS rate is not calculating correctly in the voucher, Then pls follow the below steps :
Step 1: For TDS 194Q, Make sure that Skip TDS references should be No in the TDS configuration settings.
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.
How do I enable TCS and TDS reporting in BUSY, and where can I find the configuration settings?
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.
Why am I unable to apply TDS even after crossing the lakh limit for a vendor in BUSY?
When TDS rate is not calculating correctly in the voucher, Then pls follow the below steps :
Step 1: For TDS 194Q, Make sure that Skip TDS references should be No in the TDS configuration settings.
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.
I encounter errors when saving purchase vouchers above Rs lakhs; how can I resolve this issue?
When error occur while saving the purchase voucher above 50 lakh, Then Pls Follow the Below Steps For TDS error with solution :
TDS Bill Sundry does not exists : For this error, Make sure that TDS bill sundry has been created with proper TDS configuration.
TDS Bill Sundry amount mismatch : When TDS percentage and value is showing incorrect.
Step 1: Open the party master and mention the PAN no if its blank.
Step 2: Open the bill sundry and check the default value and whom it is calculating on taxable or invoice amount.
TDS I added in BUSY is not showing in the invoices generated. What should I check?
When TDS rate is not calculating correctly in the voucher, Then pls follow the below steps :
Step 1: For TDS 194Q, Make sure that Skip TDS references should be No in the TDS configuration settings.
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.
How often do I need to file TDS returns in BUSY, and what is the procedure?
The TDS ereturn need to file on the quarterly basis.You can generate the TDS return notepad file from BUSY. For TDS utility, you have to download the the tds site then specify the the file path which generated from BUSY, challan file and error file after that can upload it on tds portal.
Pls check the below steps.
Step 1: Click on Print/Email/SMS
Step 2: Then TDS/TCS report
Step 3: Then e TDS return non salary
Step 4: Then specify the tds ereturn path for generating the file or can generate it in default location BUSYwin folder.
When creating a bill in BUSY, how can I resolve an error that prevents TDS deduction, specifically mentioning section Q?
To prevent the TDS errors in the bill for 194Q 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.
I made a journal entry for TDS deduction, but it is not showing the reference number in the TDS report. What do I need to do to link the journal entry to the report?
When TDS Deduction through journal voucher but if the TDS reference is not created then entry will not show in the report.
Step 1: Book the TDS expense entry through 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 2: 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 do I setup TDS/TCS in BUSY?
To enable and configure TDS / TCS in BUSY, follow these steps:
Step 1: Go to Administration and click on Configuration.
Step 2: Select Features / Options and click on TDS/TCS tab.
Step 3: Check the box next to the option “Enable TDS Reporting / Enable TCS Reporting” to turn it on. You can also configure the settings as per your requirements.
Step 4: Go to the Masters menu and select Party. For each party that is applicable for TDS / TCS, you need to enable the option “TDS / TCS Applicable”
Step 5: Enable TDS in your Expense Masters also.