Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
Why is TDS Q not coming in the purchase account?
TDS 194Q is not showing for deduct while doing purchase entry because of in account master not specified for party.
Account Master Not Specified for the Party: In order to deduct TDS under section 194Q, you must have specified the correct account master for the party in your BUSY.
Step...
How do we deduct TDS for parties whose purchase limit has been exceeded in a purchase voucher?
If you want to deduct TDS on purchase after cross the gross purchase limit, you can follow the below steps:
1.Enable TDS Feature:
Step 1: Go to the Administration menu and click on Configuration.
Step 2: Select the Feature and Option tab and click on TDS/TCS feature.
Step 3: Check...
How can we set up and manage the TDS under section Q in BUSY?
To setup and manage TDS under 194Q, follow these steps:
1.Enable TDS Feature:
Step 1: Go to the Administration menu and click on Configuration.
Step 2: Select the Feature and Option tab and click on TDS/TCS feature.
Step 3: Check the Enable TDS Reporting option , specify the TDS/TCS details and choose Warning Only under TDS in Purchase u/s 194Q. Save the configuration.
2.Modify Party Master:
Step 1: Go to the Administration menu and click on the Master tab.
Step 2: Select the Account option and click on Modify.
Step 3: Choose the relevant party master and open it in modify mode.
Step 4: While saving the Party master, a window for TDS/TCS info will appear.
Step 5: Select Applicable After Limit in the TDS on Payment/Purchase under section 194Q.
Step 6: Specify the payee category for the party and save the configuration.
3.Create Purchase Voucher:
Step 1: Go to Transactions and click on the Purchase Voucher option.
Step 2: Click on Add to create a purchase voucher.
Step 3: While saving the invoice, a warning for TDS will appear on the screen if TDS has not been deducted.
Step 4: Press Yes to apply TDS , TDS bill sundry will apply automatically.
Step 5: Create the TDS referne in TDS ref window and save the invoice.
How to configure and do entry for TDS in BUSY?
Please follow below steps to configure tds in BUSY:
Step 1: Go to administration menu
Step 2: Then click on configuration
Step 3: Then click on features and option
Step 4: Then make sure TDS/TCS and make sure enable TDS reporting option should be selected as Y
Step 5: Then click on create default tds categories
Step 6: Afterwards select warning for TDS in purchase/payment u/s 194Q as warning only
Step 7: Then save the changes
Step 8: Then go to administration menu
Step 9: Then click on masters then click on account
Step 10: Afterwards open the account from modify or list
Step 11: Then one by one press enter button after that tds window will appear then specify its applicability and specify its category as required
Step 12: Then save the master
Step 13: Afterwards go back to administration menu again
Step 14: Then click on masters
Step 15: Then click on bill sundry and open the tds bill sundry from modify or list button
Step 16: Make sure in bill sundry master adjust in purchase amount option should be selected as N and account head to post is correct as per tds category
Step 17: Then go to transactions menu
Step 18: Pass the entry of TDS accordingly"
Why is the TDS not coming in the right ledger account?.
The TDS may not be coming in the right ledger account due to incorrect configuration or tagging of the TDS ledger in BUSY. Please ensure that the TDS ledger is properly created and tagged to the relevant transactions for accurate accounting.
Step 1: Go to Administration and click on Masters. Step 2: Under Master click on Account and click on modify option. Step 3: Select party which is not showing for TDS for deduct while doing purchase entry. Step 4: After modify to party account enter on Group you will get popup of TDS/TCS info for acc. window. Step 5: Check have you enable or not to TDS on Expense booking and TDS on pymnt./purc.u/s 194Q option.
Step 6: if not than you need to 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 7: Select payee Category as Domestic Company or as per the party's details. and click on OK.
Step 8: click on save. After saving, recheck the purchase voucher to confirm that TDS 194Q is now deducting for the specified party.
What is the procedure for rectifying TDS mismatches in BUSY? How can I see the TDS references in the TDS receivable?
To rectifying TDS Mismatches , Need to check TDS deducted correctly in BUSY, you can generate TDS reports in the software. These reports will show the details of TDS deductions made for different parties and transactions. You can compare the deducted amounts with the actual TDS rates and verify if they match. Additionally, you can cross-check the TDS entries in the vouchers to ensure they are recorded accurately.
To Generate a TDS Report In BUSY you can follow these steps:
Step 1: Go To Display Menu.
Step 2: Click on TDS/TCS Reports.
Step 3: Enter on TDS Deduction Details (Non - Salary ) option.
Step 4: Choose option: All TDS Category Or Selected Category.
Step 5: Choose TDS References option: All Or pending References
Step 6: Choose TDS Deductee: All Deductee Or One Deductee.
Step 7: Select option for generate TDS reports Starting date,Ending date,status as on. and click on OK.
Step 8: Report will be displayed on the screen. Users can then choose to either export the report to save it in a digital format or print it out as a hard copy for their records or further use.
How do I set up TCS calculation on bills above a certain amount?
To set up TCS calculation on bills above a certain amount in BUSY, you can follow these steps:
Step 1: Go to Administration and then click on Configuration .
Step 2: Now click on Features and Options and click on TDS and TCS option.
Step 3: Now Tick on Enable TCS Reporting Option and specify Warning only in option of Warning for TCS in sale under section 206c 1H and same for recipt in the option and save the configuration.
Step 4: Now Go to Administration and then click on Master and select Account.
Step 5: Now create Account by click on Add option if created then click on modify after enter on account group TDS and TCS Info window will come.
Step 6: Now specify the applicability of TCS for the party for 206C Section and save the configuration.
Step 7: Now enter sale voucher and during sale voucher it will select TCS in bill sundry automaticatlly and create reference for TCS In TSC Reference.
Step 8: Now go to Display and click on TCS reports and you can check TSC Report as per your requirement.
How can I verify if TDS has been deducted correctly in BUSY?.
To verify if TDS has been deducted correctly in BUSY, you can generate TDS reports in the software. These reports will show the details of TDS deductions made for different parties and transactions. You can compare the deducted amounts with the actual TDS rates and verify if they match. Additionally, you can cross-check the TDS entries in the vouchers to ensure they are recorded accurately.
To Generate a TDS Report In BUSY you can follow these steps:
Step 1: Go To Display Menu.
Step 2: Click on TDS/TCS Reports.
Step 3: Enter on TDS Deduction Details (Non - Salary ) option.
Step 4: Choose option: All TDS Category Or Selected Category.
Step 5: Choose TDS References option: All Or pending References
Step 6: Choose TDS Deductee: All Deductee Or One Deductee.
Step 7: Select option for generate TDS reports Starting date,Ending date,status as on. and click on OK.
Step 8: Report will be displayed on the screen. Users can then choose to either export the report to save it in a digital format or print it out as a hard copy for their records or further use.
How can I import TDS categories from Excel or another company into BUSY?
In BUSY, you cannot import tds category through excel. You can import it through Xml process when the configuration will get match with the our company.
Pls follow the below steps for importing through XML :
Step 1: Click on Administration from source company
Step 2: Then Data export import
Step 3: Then export data
Step 4: Then masters, Untick the all option and tick the only tds category
Step 5: Specify the folder path for the export
Step 6: Open the target company
Step 7: Click on Administration
Step 8: Then import data
Step 9: Then mention the folder path which you have exported from the source company
Step 10: Then import it with match configuration.
If there are only few TDS category then you can add it manually in the company.
Pls follow the below steps for creating the TDS Category :
Step 1: Click on administration
Step 2: Then Masters
Step 3: Then TDS Category
Step 4: Then Add the TDS Category, then tax rate for the payee category in the tds with PAN and TDS without PAN column and save it.
Why are some company accounts locked at a % TDS rate in BUSY by default?
To fix the issue related to TDS rates, please follow these steps:
Step 1: Go to the Administration Menu and select Masters, then choose Account and select Modify Mode.
Step 2: Select the respective account from the dropdown menu where you are facing TDS rate issues.
Step 3: While in Modify mode, when you press Enter on the account group, a TDS/TCS information window will appear.
Step 4: Take note of the Payee Category tag under the TDS/TCS information.
Step 5: Similarly, you need to open the respective expense master and note down its TDS category master.
Step 6: Now, go to the Administration Menu and select Masters, then choose "TDS Category" Master and select Modify mode.
Step 7: Select the TDS category for the expense from the dropdown list and open it in Modify mode.
Step 8: Choose the noted Payee category and correct/update the TDS rate, specifying whether it's With PAN or Without PAN.
By following these steps, you will rectify and update the TDS rates for the respective expense, and when you post a voucher, it will deduct the correct TDS percentage.
