Frequently Asked
Questions

Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report

FAQs

issue in TDS report opening what to do?

To resolve the issue of getting an error while opening the TDS reports.
Pls check the below steps :
Step 1: Ensure that you have selected the correct date range. As the TDS report shows the data of the current financial year.
Step 2: Ensure that you are selecting the correct TDS category while opening the report.
Step 3: If you are getting any run time error then after the data backup, run the reindex database process from the housekeeping menu.

Why is TCS not getting calculated automatically in the credit notes in BUSY?

In the credit note voucher, you only have to apply the tds if you want to reverse the TCS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Open the credit note voucher
 Step 3: Apply the TCS bill sundry
 Step 4: Then the TCS reference window will get open in the voucher 
 Step 5: Enable the TCS reversal option and adjust the TCS reference which created in the purchase voucher.

While Enter Purchase voucher TDS window not showing in voucher.

If you want to apply tds in purchase but still window not showing while voucher saving ,even feature already enable from tds or tcs tab you may check following things:
1: Check in the party master that you enable the the tds option and speciFinancial Year the payee category in party master.
2: Check that net amount of invoice should cross the threshold limit if selected applicable after limit in tds on payment field in tds details window.

How do I modify the TDS percentage?

If you want to modify the TDS percentage in BUSY please follow these steps;
Step 1: Go to administration menu then click on masters submenu 
Step 2: Then click on TDS category and Click on modify option and then select the TDS category such as contract to others or contract to transporter etc
Step 3: Open the TDS category master now you will be able to change the TDS percentage for that category
Step 4: Now save the changes

How does BUSY handle TCS accounting during credit note creation? What do I need to take care of?

In the credit note voucher, you only have to apply the tds if you want to reverse the TCS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Open the credit note voucher
 Step 3: Apply the TCS bill sundry
 Step 4: Then the TCS reference window will get open in the voucher 
 Step 5: Enable the TCS reversal option and adjust the TCS reference which created in the purchase voucher.

What is the correct way to account for TCS when creating credit notes in BUSY?

In the credit note voucher, you only have to apply the tds if you want to reverse the TCS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Open the credit note voucher
 Step 3: Apply the TCS bill sundry
 Step 4: Then the TCS reference window will get open in the voucher 
 Step 5: Enable the TCS reversal option and adjust the TCS reference which created in the purchase voucher.

How do I ensure the TCS deductions are calculated accurately based only on the current financial year's turnover? What settings do I need to check and update?

TCS deductions are calculated accurately based on only current financial years turnover or not.for the same we can check and confirm following configuration
 Step 1: Go to the Administration Menu
 Step 2: Click on Configuration option 
 Step 3: Select Features / Options
 Step 4: Click on TDS/TCS 
 Step 5: Within TDS/TCS configurtion Kindly check and confirm the option Check Prev.Yr Data for TCS u/s 206(1H) YES Or NO. this option should be selected NO.

I am trying to deduct TDS on payments but the amount shown after deduction is more than the actual net amount paid. How can I fix this?

If TDS is not calculating correctly 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: Make sure to select the correct payee category in the party master.
 Step 4: Make sure you have selected the correct TDS category in the expense account.

I am trying to apply TCS (Tax Collected at Source) on a credit note, but it is not getting applied. What should I do?

In the credit note voucher, you only have to apply the tds if you want to reverse the TCS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Open the credit note voucher
 Step 3: Apply the TCS bill sundry
 Step 4: Then the TCS reference window will get open in the voucher 
 Step 5: Enable the TCS reversal option and adjust the TCS reference which created in the purchase voucher.

I have already applied TCS on the original invoice. Do I need to apply it again on the credit note against that invoice?

In the credit note voucher, you only have to apply the tds if you want to reverse the TCS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Open the credit note voucher
 Step 3: Apply the TCS bill sundry
 Step 4: Then the TCS reference window will get open in the voucher 
 Step 5: Enable the TCS reversal option and adjust the TCS reference which created in the purchase voucher.