Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
The TCS report preview in BUSY Software is not legible. How can I get a proper printed copy?
To get a proper printed copy or preview of the TCS report in BUSY. Kindly follow the following Steps.
Step 1: To generate TCS Report Go to Display Menu click on TDS / TCS Reports.
Step 2: Click on TCS Collection Details option
Step 3: Select All Category - All References option
Step 4: Select Stating date, Ending date and Report Status as on date.
Step 5: click on OK you will get TCS Details report.
Step 6: Click on Print option or use ALT + P and you will get print from grid option
Step 7: select required option and select paper type - 80 Column with print style
Step 8: select print style - Condensed option
Step 9: select Paper Orientation option of Landscape and click on OK.
Step 10: if still getting same printing issue or print error like report width too large to be exported to pdf. you can select in excel format.
How do I adjust TCS configuration to allow entry saving without errors in BUSY?
To configure the 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 to do tds posting issue ?
To record the correct TDS entry in the BUSY and created the proper references.
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 modiFinancial Year 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'm trying to enter TDS for a vendor, but it's not reflecting in the entry. How can I resolve this issue?
If you're trying to enter TDS (Tax Deducted at Source) for a vendor, but it's not showing up in your entry, you can resolve this issue by following these steps:
Step 1: First, make sure that you have enabled the TDS feature in your software and set up TDS references in your records for the vendors.
Step 2: Check if the TDS pop-up window is turned on in your firm. If it's not, make sure to enable it.
Step 3: In your party master (the place where you have vendor details), make sure that TDS applicability is turned on for the vendors you're having issues with.
Step 4: If you still can't get the TDS deductions to show up in your entry, it's a good idea to get in touch with BUSY's customer support. They can provide you with specific help and guidance based on your situation. They know the software well and can assist you in resolving the issue.
How do I maintain TCS and TDS in BUSY. Is there an automatic pop-up or prompt?
To maintain TDS and TCS in BUSY, follow these steps:
Step 1: Go to the Administration menu.
Step 2: Click on Feature and Option.
Step 3: Click on TDS/TCS option, and enable TDS or TCS from there. You can also enable a warning for TDS or TCS from sale or purchase for giving a warning in the respective voucher if a party is eligible for it.
Step 4: Enable TDS/TCS from the party master from the account, from Account- modify option under the Administration menu. Also, define the payee category there.
Step 5: Now, do the transaction either in a sale or purchase voucher in which you want under the transaction menu.
Step 6: You have to enter TDS or TCS in the bill sundry either if the party is eligible for TDS or TCS. While saving the voucher, a "warning of not applying TDS or TCS" will appear. Click "Yes" to the same window, then TDS or TCS will apply automatically on bill sundry.
What's the difference between TDS and TCS, and how do I account for them in the software?
TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc.
You can enable the TDS and TCS from in BUSY from below steps.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Then click on TDS/TCS
Step 5: Enable the TDS/TCS option
Step 6: Mention the warning for TDS and TCS as per your requirement in the bottom.
Step 7: Open the party account in modify mode
Step 8: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
Step 9: Then in purchase voucher will calculate automatically the TDS and TCS in the sale voucher and reference will get create.
How do I create TDS references in BUSY? Can you guide me through the process?
When you book the TDS entry that time we have to create the TDS reference and when you make the TDS payment then have to adjust it that tds reference.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Open the party account and expense account in modify mode, then mention the TDS category in the expense account and Payee category in the party account.
Step 6: 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 7: 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 difference between TDS and TCS. Can you explain the difference and how to account for them in the software?
TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc.
You can enable the TDS and TCS from in BUSY from below steps.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Then click on TDS/TCS
Step 5: Enable the TDS/TCS option
Step 6: Mention the warning for TDS and TCS as per your requirement in the bottom.
Step 7: Open the party account in modify mode
Step 8: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
Step 9: Then in purchase voucher will calculate automatically the TDS and TCS in the sale voucher and reference will get create.
I am facing an issue where TCS is being applied on all parties instead of just the select parties. How do I fix this?
To configure the 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 from Start.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.
What should I check to reconcile differences between TDS eligibility and actual deductions?
To reconcile differences between TDS eligibility and actual deductions, you should check the following:
1. Verify the TDS eligibility criteria for different parties, such as resident, NRI, etc.
2. Ensure that the threshold limit for TDS eligibility is calculated correctly.
3. Check if the TDS deductions are being applied correctly based on the applicable TDS rates for different categories.
4. Review the transactions and ensure that the assessable value and tax amount are accurately recorded for TDS calculations.
5. Confirm if any disallowances or deductions under section 40 are accounted for while deducting TDS.
6. Check if any lower TDS deduction certificates are provided and accounted for correctly.
7. Verify if any excess TDS deductions in one period are adjusted against the liability of the next period.
8. Ensure that any interest or penalty paid for TDS defaults are accounted for accurately.
9. Review the process for revising TDS returns and understand the impact on accounting.
