Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
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.
The TDS is not getting calculated for the vendor payments. What could be wrong?
The TDS may not be getting calculated for vendor payments due to the TDS feature not being enabled in the accounting software or incorrect settings in the vendor master.
To Double-check. Kindly follow the following Steps.
1) To Double-Check. Go to administration Menu
2) click on Masters.
3) Click on Account option.
4) click on modify Vender master.
5) enter on group will pop up window of TDS/TCS info.for account.
6) select Yes to TDS on expense booking.
7) Select option TDS on Pymt./Purc. u/s 194Q - Applicable from start or Applicable after limit.
8) Select Payee Category as per type.
9) click on ok and save the vender master.
10) Check the configuration TDS.
11) Go to administration Menu
12) click on Configuration
13) click on Features / options
14) Click on TDS / TCS option
15) check & select warning for TDS in pymt.u/s 194Q and warning for TDS in purc.u/s 194Q
What steps should I follow to check the configuration of TDS entries and Q report in my accounting software?
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.
Step 5: Make sure to mention the PAN number in the account master for correct TDS calculation.
For TDS 26Q report, Pls follow the below steps:
Step 1: The data shows when the payment is done for that reference. If the payment is pending then the data will show in this report.
Step 2: Make sure that you have selected the correct quarter.
How can I provide feedback on the issue with the GST template file in BUSY?The software is not showing the correct TDS amounts in my reports. How can I fix this?
We do not have any feedback option directly, further you can follow the given steps
if have issue with govt template. please follow the given steps
Step 1: Check you have the latest version of the template and latest version of
excel. Please check the error report before proceed to generate. and check
name of the template file is correct, right folder is selected while giving the
path for the template.
Step 2: Check with available alternative options.
If TDS amounts is not showing correct amount in report. then please follow the
given steps
Step 1: Open the voucher where from TDS deduction started and you have to
manually change the Expense amount on which TDS percentage is being
calculated in the TDS deduction details window.
Step 2: Ensure that a TDS voucher reference is created for all TDS vouchers.
Step 3: Please make sure right amount is calculating in the TDS amount column of
TDS deduction details.
