Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
What are the different options for applying TCS in the software?
To configure the TCS /TDS configuration should done properly in BUSY and TCS/TDS is enable in the party master.
Pls Follow the Below the Steps for TCS/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- 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.
arty/Item Master. Alternatively, you can update it in the configuration window after selecting As Specified Below.
I want to add TCS tax to a sales voucher in BUSY, but I don't see the option. How can I add TCS tax to a voucher?
To use the TCS 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.
How do I properly record TDS deductions so that they show up accurately in the TDS reports? What is the right way to do this?
To record the TDS in BUSY, 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: 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 am confused about the process of recording TDS deductions and linking them to TDS references. Can you explain the steps I need to follow?
To record the TDS in BUSY, 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: 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.
The TCS report is not capturing the vendor PAN/TAN details in BUSY Software. Why is it not showing up, and how can I add it?
The TCS report is not capturing the vendor PAN/TAN details in BUSY Software. reason could be if PAN/TAN No. not added in Vendor master. Or while preview report option not selected of show party address and PAN Yes. How to Add PAN/TAN No. of Vendor and how to print on TCS Report. Kindly follow the following Steps.
Step 1: To Add PAN/TAN No. Go to Administration and click on Masters.
Step 2: Click on Account and modify Vendor.
Step 3: check PAN/TAN No. if showing blank enter and click on save.
Step 4: To generate TCS Report Go to Display Menu click on TDS / TCS Reports.
Step 5: Click on TCS Collection Details option
Step 6: Select All Category - All References option
Step 7: Select Stating date, Ending date and Report Status as on date.
Step 8: Select Yes to show party address and PAN option.
Step 9: For TIN or TAN need to add Custom Columns on TCS details Report.
I am unable to apply TCS on the taxable amount before GST. It is getting applied after GST. How can I fix this?
Issue: If you are unable to apply TCS on the taxable amount before GST; it's currently being applied after GST. 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.
I want to know the step-by-step process of enabling and configuring TDS in BUSY. Is there any user guide or video tutorial available for this?
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: 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 am unable to see the TDS deduction window in my purchase voucher entry. How can I resolve this?
To resolve the issue of not being able to see the TDS deduction window in the purchase
voucher entry you can try the following steps
Step1 go to administration menu and click on configuration
Step2 click on feature option then click on TDS TCS and ensure skip tds reference creation option
disable and warning for TDS in purchase U/S 194Q option has enable warning only
Step3 go to the transaction menu and click on purchse and click to modify
Step4 open the purchase voucher and click on party then press alter M to modify
then enable TDS on Payment or purchase under section 194Q and select charge tds after limit
and set the payee category and save
Step5 then make the neccesary entries like date purchase number item details quantity rate amount
then apply tax then tds will automatically calculate but need to ensure that their must be a tds bill sundry
ledger and it must tag under tds ledger
I want TDS to be calculated automatically when making expense entries. How can I set this up in BUSY?
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: 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.
How can I configure TDS to automatically calculate and deduct TDS amount when booking expenses in BUSY?
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: 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.
