Frequently Asked Questions

Q: I have purchased goods worth Rs lakhs from company ABC. I have also received sample products worth Rs lakhs from the same company ABC. I want to record the sample products under a separate account name. How will this impact the calculation of TDS liability?

If you record the sample product under different account this will not impact the TDS calculation when the PAN number is not mention in the party master.But if you mention the PAN number in the seperate account and pass the purchase voucher instead of inventory then TDS will get charge as per the threshold limt or TDS applicability.

Q: I want to set an alert or trigger when a party's sales cross a certain threshold (e.g., lakhs). How can I configure this in BUSY?

You can enable the warning for the TDS when sales get cross above 50 lakh. You can configure it from the below steps. Step 1: Click on Administration Step 2: Then Configuration Step 3: Then Features and Options Step 4: Then TDS TCS option Step 5: Enable the warning in the purchase and payment voucher for the TDS.

Q: I am unable to separate TCS on sales and TCS on purchase in my ledgers. What is the right way to account for them?

You have to create the seperate ledger account by name TCS on sales and TCS on purchase under group duties and taxes. Pls follow the below steps : Step 1: Click on Administration Step 2: Then Masters Step 3: Then Account Step 4: Then Add Step 5: Then tag it in the Bill sundry of TCS.

Q: I'm trying to add TDS references in BUSY, but the reference window is not appearing. What should I do to make it appear?

If the TDS reference window ins not appearing in the voucher then need to check the below steps. Step 1: The TDS feature should be enable in the party master and mention the applicability for TDS. Step 2: If set the applicability after limit in the party master, then TDS will get charge when the limit get cross.

Q: The software is not carrying forward TDS/TCS references from previous years. How can I see old references in the current financial year?

You cannot see the old financial year TDS and TCS reference entries in the current financial year. You have to change the financial year from current to old, Pls follow the below steps. Step 1: Click on Administration Step 2: Then Change Financial year Step 3: Select the previous year for which you want to check the data.

Q: How can I resolve the issue of not being able to view or select the appropriate TDS tax category during payments?

To resolve the issue of appropriate TDS category, the pls follow the below steps. Step 1: Make sure to select the correct tds category during the payment. Step 2: If the TDS category payment already done then not show in the voucher. Step 3: Make sure that you have selected the voucher date after the tds book entry.

Q: The TCS amount is not getting captured in my sales and purchase reports. What should I check to fix this?

The TCS amount doesnot show in the sales and purchase account. As you apply the TCS bill sundry in the voucher and the account which is tag in the bill sundry is TCS under group of duties and taxes for sale and purchase. So, The TCS amount will reflect in the TCS ledger instead of sale and purchase.

Q: Why is TDS deduction happening automatically in some vouchers but not others? How to ensure it happens uniformly?

The TDS is not deducting automatically in some vouchers due to following reasons. Step 1: If the TDS set limit in the party master has not get crossed then TDS will get apply only if the limit get cross. Step 2: If the TDS feature is not enable in the party master then TDS will not get charge.

Q: How do I ensure TDS at % is deducted correctly in my vendor bills for Section Q?

As per provisions of section 194Q of the Income Tax Act, the purchaser of the goods paying any sum to the resident seller having value/ aggregate value exceeding INR 50 Lakhs is liable to deduct TDS 0.1 percent.If you want to deduct the TDS of 2 percent then either add it manually TDS bill sundry in the voucher.

Q: I am unable to see the TDS entries for the current month in the Q report. It only shows past months. How can I resolve this?

If the TDS entries are not showing in the TDS report,then pls follow the below steps. Step 1: In 26Q report, The data shows when the payment is done for that reference. If the payment is pending then the data will show in this report. Step 2: Make sure that you have selected the correct data range.

Solutions to common issues related to Taxation — Tds Tcs Data Feeding And Report.

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Step-by-step Answers

I have purchased goods worth Rs lakhs from company ABC. I have also received sample products worth Rs lakhs from the same company ABC. I want to record the sample products under a separate account name. How will this impact the calculation of TDS liability?

If you record the sample product under different account this will not impact the TDS calculation when the PAN number is not mention in the party master.But if you mention the PAN number in the seperate account and pass the purchase voucher instead of inventory then TDS will get charge as per the threshold limt or TDS applicability.

I want to set an alert or trigger when a party's sales cross a certain threshold (e.g., lakhs). How can I configure this in BUSY?

You can enable the warning for the TDS when sales get cross above 50 lakh. You can configure it from the below steps.
 Step 1: Click on Administration
 Step 2: Then Configuration
 Step 3: Then Features and Options
 Step 4: Then TDS TCS option
 Step 5: Enable the warning in the purchase and payment voucher for the TDS.

I am unable to separate TCS on sales and TCS on purchase in my ledgers. What is the right way to account for them?

You have to create the seperate ledger account by name TCS on sales and TCS on purchase under group duties and taxes.
 Pls follow the below steps :
 Step 1: Click on Administration
 Step 2: Then Masters
 Step 3: Then Account 
 Step 4: Then Add 
 Step 5: Then tag it in the Bill sundry of TCS.

I'm trying to add TDS references in BUSY, but the reference window is not appearing. What should I do to make it appear?

If the TDS reference window ins not appearing in the voucher then need to check the below steps.
 Step 1: The TDS feature should be enable in the party master and mention the applicability for TDS.
 Step 2: If set the applicability after limit in the party master, then TDS will get charge when the limit get cross.

The software is not carrying forward TDS/TCS references from previous years. How can I see old references in the current financial year?

You cannot see the old financial year TDS and TCS reference entries in the current financial year. You have to change the financial year from current to old, Pls follow the below steps.
 Step 1: Click on Administration
 Step 2: Then Change Financial year
 Step 3: Select the previous year for which you want to check the data.

How can I resolve the issue of not being able to view or select the appropriate TDS tax category during payments?

To resolve the issue of appropriate TDS category, the pls follow the below steps.
 Step 1: Make sure to select the correct tds category during the payment.
 Step 2: If the TDS category payment already done then not show in the voucher.
 Step 3: Make sure that you have selected the voucher date after the tds book entry.

The TCS amount is not getting captured in my sales and purchase reports. What should I check to fix this?

The TCS amount doesnot show in the sales and purchase account. As you apply the TCS bill sundry in the voucher and the account which is tag in the bill sundry is TCS under group of duties and taxes for sale and purchase. So, The TCS amount will reflect in the TCS ledger instead of sale and purchase.

Why is TDS deduction happening automatically in some vouchers but not others? How to ensure it happens uniformly?

The TDS is not deducting automatically in some vouchers due to following reasons.
 Step 1: If the TDS set limit in the party master has not get crossed then TDS will get apply only if the limit get cross.
 Step 2: If the TDS feature is not enable in the party master then TDS will not get charge.

How do I ensure TDS at % is deducted correctly in my vendor bills for Section Q?

As per provisions of section 194Q of the Income Tax Act, the purchaser of the goods paying any sum to the resident seller having value/ aggregate value exceeding INR 50 Lakhs is liable to deduct TDS 0.1 percent.If you want to deduct the TDS of 2 percent then either add it manually TDS bill sundry in the voucher.

I am unable to see the TDS entries for the current month in the Q report. It only shows past months. How can I resolve this?

If the TDS entries are not showing in the TDS report,then pls follow the below steps.
 Step 1: In 26Q report, The data shows when the payment is done for that reference. If the payment is pending then the data will show in this report.
 Step 2: Make sure that you have selected the correct data range.

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