Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
I only use TCS for bills. Why is the TCS amount showing more than expected?
If Tcs amount showing more than expected check these steps:
If you charge Tcs through bill sundry then follow these steps:
1. Go in Administration then go in Master
2. Then Go in Bill sundry then go in modify
3. Then select Tcs bill sundry and check amount of bill sundry charged on basis
4. Change and save bill sundry and reapplied in voucher then check
If you charge Tcs Directly in voucher check Tcs amount in Tcs Reference window.
My TDS amount is not reflecting correctly in the GST reports. What should I do to fix this?
To fix the issue of TDS amount not reflecting correctly in the GST reports, you should ensure that the TDS entries are created with the correct reference in BUSY. Make sure to select the appropriate TDS reference field when entering the TDS amount. Additionally, verify that the TDS payment voucher is linked correctly to the original entries. By ensuring these steps are followed accurately, the TDS amount should reflect correctly in the GST reports.
Why is the TDS reference not showing in the payment voucher even though TDS was deducted earlier?
If TDS reference is not showing during the payment voucher, Then pls follow the below steps :
Pls follow the below steps :
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TDS Deduction details
Step 4: Here select the tds category and check, might be that reference is already adjusted and if tds reference is pending then you are selecting the wrong voucher date in the payment entry.
How can I fix TDS calculations on new purchase invoices after updating BUSY?
You can fix the tds calculation in the purchase voucher by tagging the tds bill sundry voucher wise. TDS bill sundry will automatically show in the purchase voucher.
Pls follow the below steps :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Tag bill sundries voucher wise
Step 4: Select the voucher type as purchase then mention the series and sale/purc type and add the tds bill sundry with value.
What is the proper accounting treatment for TCS receivables and payables?
The proper accounting treatment for TCS (Tax Collected at Source) receivables and payables in BUSY would be to create separate ledger accounts for TCS receivables and TCS payables. TCS receivables should be recorded as an asset on the balance sheet, while TCS payables should be recorded as a liability,you have tag these Accounts in tcs bill sundry. The entries should be made based on the transactions and amounts related to TCS collected or paid.
How do I renew an existing TDS tax category in BUSY?
You will be able to the change the tds rate in the existing TDS category.
Pls follow the below steps to change the tds rate in the tds category :
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 in the tds with PAN and TDS without PAN column and save it.
Why am I unable to generate reports related to TDS deductions in BUSY?
If you unable to see the TDS report then make sure that the TDS feature should be enable from the features and Option and you should have righst to view the report.
You can view the TDS report from below steps :
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TDS Deduction details
Here select the category and then apply filter on party to view the report.
Why is the TCS amount coming in different lines in my sales invoices sometimes nd line and sometimes rd line? How can I standardize it?
TCS amount appears on different lines in sales invoices because the bill sundry works like a flexible field. It can be in the second or third line. It's positioned this way to be applied after all other bill sundries, ensuring it's calculated on the net bill amount.
there's an option to standardize bill sundries, but it's not recommended to standardize them because TCS should be charged based on the net bill amount.
The TDS deducted amount is not getting reflected correctly in the party accounts when I do it on a payment voucher. What should I check?
When you do the deduct the TDS in the payment voucher but amount is not showing correctly in the party account.
Pls follow the below steps.
Step 1: Make sure that the PAN number should be mention the party master for calculating the correct TDS value.
Step 2: Make sure to select the correct TDS catgeory, As the TDS will get deduct according to the payee category threshold limit for the party master
Why is the TDS amount showing as credit instead of debit in the vendor account? What is the correct accounting treatment for TDS deductions?
If the TDS amount is showing as credit in the vendor account then it means that the TDS has been charged in the purchase return voucher. When you charge the TDS in the purchase voucher or through journal voucher then always shows on the credit side in the vendor ledger.
The correct accounting treatment for the TDS deduction is to DEBIT the expense account and CREDIT the party account and TDS account.