Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
I am unable to account for purchase returns while calculating TDS deductions automatically. What should I do?
To account for purchase returns while calculating TDS deductions automatically in BUSY, you need to make sure that you adjust the TDS deduction amount accordingly. If you have returned goods worth a certain value, you should deduct the TDS amount on the remaining value of the purchase. This will ensure that the TDS deductions are accurately calculated and accounted for.
Why is the TDS amount not getting calculated correctly even though the voucher appears accurate?
To address this issue, consider the following possible steps:
Step 1: Double-check the accuracy of the updated master data, especially tax-related information.
Step 2: Verify the software's tax configurations to ensure they match the updated master data.
Step 3: Reconcile the TDS accounts .
Step 4 : Review theTDS reports .
Step 5 : Recheck the transactions and balances .
I can't find the TDS section in BUSY to make changes to TDS percentages. Where can I locate this feature?
You can configure the TDS rate in the TDS category from the 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 in the TDS with PAN and TDS without PAN column and save it.
I want the software to automatically calculate and deduct TDS when I receive payments. How can I set this up?
To setup the TDS should deduct automatically in the BUSY during the payment.
Step 1: Enable the TDS deduction for the payment voucher from features and Options under Administration menu.
Step 2: Enable the TDS feature in the party master then set the applicability and mention the payee category.
Step 3: Mention the TDS category in the expense account.
Why is the accounting software not deducting TDS after turnover crosses Rs. lakhs even though TDS deduction is enabled?
If TDS is not deducting when the limit is already crossed then make sure that TDS should be enable in the party master.
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Account
Step 4: Then Modify
Select the party master and in TCS window can change the applicability and pyaee category as per your requirement.
The TCS entries I made are not visible. Do I need to take a backup before they get updated?
If you unable to see the TCS entries,then pls follow the below steps.
Step 1: Make sure that the TCS account is properly tagged in the TCS bill sundry.
Step 2: Make sure that you have applied the TCS in all the required vouchers.
Step 3: Remove the filter if apply in the TCS ledger and then check it
Why is the TDS amount not showing in my vendor ledger even after deduction? How to resolve this?
If the TDS amount is not showing in the vendor ledger after deduction then follow the below steps.
Step 1: Make sure that in the TDS bill sundry,the post over and above option should be enabled for accounting in purchase.
Step 2: You can open the vendor ledger by selecting the details to be shows as full voucher details.
How frequently does BUSY update TDS data, and when can I expect new TDS data to be available?
The TDS data frequently update as per the transactions has been properly entered by you in the BUSY.
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 TDS amount not reflecting in the vendor's ledger even after deduction during payment in BUSY?
If the TDS amount is not showing in the vendor ledger after deduction then follow the below steps.
Step 1: Make sure that in the TDS bill sundry,the post over and above option should be enabled for accounting in purchase.
Step 2: You can open the vendor ledger by selecting the details to be shows as full voucher details.
Is there an option for TDS / TCS in the software? If not, can it be added?
In BUSY, option available for TDS / TCS. To know how to enable it, you need to follow these steps:
Step 1: Open your company then click on Administration tab.
Step 2: Click on Configuration then select Features / Options.
Step 3: Select TDS / TCS and here you can Enable TDS / TCS Reporting then configure it as per the requirements.