Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
I want to customize the TDS rates for parties. How can I do this configuration?
You can customize the tax rate for the parties in the payee category of that TDS category from below steps.
Step 1: Click on administration
Step 2: Then Masters
Step 3: Then TDS Category
Step 4: Select the TDS Category, then open and change the tax rate for the payee category with PAN and TDS without PAN column and save it.
Step 5: Then select that party and enable the TDS feature and mention the payee category.
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.
The TCS report output is not visible on my screen. What might be causing this issue, and how can I resolve it?
If the TCS report is not visible on your screen then make sure that the TCS feature should be enable from features and options. You should have proper user rights to access the report.
Pls follow the below steps for User Rights :
Step 1: Click on Administration
Step 2: Then Users
Step 3: Select the user and On Expand Menu Option can give rights to the user by tick the TCS option.
I want to deduct TDS at % on the net invoice amount excluding taxes. How can I do this in BUSY?
If you want to deduct the TDS of 1 percent then mention the PAN number in the party master. For charging the TDS on taxable amount in the bill sundry then follow the below steps.
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Bill Sundry
Step 4: Then Modify
Step 5: Open the TDS bill sundry then in Right side you have to select the amount to be fed as taxable amount.
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.
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.