Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
What is the setting to apply TCS tax only on sales and not on purchases?
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.
What steps should I follow to adjust TDS references from the previous year in the current year within BUSY?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
The TDS and TCS reference numbers from last year are not getting carried forward to this year. How can I see previous years' TDS and TCS references in the current year?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
I am unable to save TCS/TDS entries for the previous financial year in the current financial year. What should I do to be able to enter past TCS/TDS amounts?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
Old voucher tds references from the last financial year are not getting carried forward in BUSY. How can I ensure data continuity across financial years?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
How can I enter and save TCS/TDS amounts that pertain to previous financial years in the current year? What is the process for this?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
How can I efficiently generate and view TDS references in BUSY for the current year based on last year's deductions?
The TDS and TCS references not get carry forward to the next year.When previous year TDS and TCS reference are pending then can adjust that reference in the current financial year.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds and tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds and tcs payable account and CREDIT the tds and tcs account.While saving the voucher adjust the tds reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tds payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tds and tcs payment entry through journal voucher. DEBIT the tds and tcs payable account and CREDIT the cash or bank account.
How do I do entry for TDS on services deduction?
For TDS on services deduction.
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.
How do I adjust TDS payments properly in BUSY?
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.
How can I troubleshoot errors while generating TCS returns from BUSY Software?
To troubleshoot errors while generating TCS returns from BUSY Software, you can try the following steps:
1. Ensure that you have the latest version of BUSY Software installed. Check for any available updates and install them if necessary.
2. Verify that you have correctly configured the TCS settings in BUSY Software. Double-check the TCS deduction/collection limits and categories to ensure they are set up correctly.
3. Check if there are any errors or missing information in the vouchers related to TCS. Make sure that the TCS is showing up correctly in the vouchers and that it is calculating automatically.
4. If you encounter any specific error messages, note them down and search for solutions in the BUSY Software documentation or contact BUSY Software customer support for assistance.
5. If the issue persists, try refreshing or rebooting the BUSY Software. Sometimes, restarting the software can resolve temporary glitches or errors.
