Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
Why is the TDS amount showing as positive instead of negative when I try to deduct it from the invoice amount?
If the TDS amount is getting add in the voucher instead of subtracting then follow the below steps.
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Bill Sundry
Step 4: Then Modify
Step 5: Open the TDS bill sundry and select the bill sundry type as Subtractive and save it.
I created a salary component, but TDS is not getting deducted from employee salaries automatically. What could be the issue?
If the TDS is not deducted automatically from the employee salary then follow the below steps.
Step 1: Make sure that the TDS feature should be enable from the enterprise feature of payroll.
Step 2: The TDS component should properly tagged in the employee master and in the salary structure from voucher series configuration.
I am unable to add or select the TDS category for deduction. What should I do to add TDS categories?
You can add the TDS Categories 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.
How do I change the TDS deduction from being an additive amount to a subtractive amount in BUSY?
If the TDS amount is getting add in the voucher instead of subtracting then follow the below steps.
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Bill Sundry
Step 4: Then Modify
Step 5: Open the TDS bill sundry and select the bill sundry type as Subtractive and save it.
I want to apply for a TCS registration. What is the process for doing this in BUSY?
BUSY does not provide a specific process for applying for TCS registration. TCS registration is typically done through the government tax department or portal in your country. You may need to consult with a tax professional or refer to the guidelines provided by your local tax authority to understand the process for TCS registration.
The TCS and TDS reporting option is disabled in my software. How do I activate it?
Pls follow the below steps for enabling TDS and TCS in BUSY.
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 and TCS as per your requirement in the bottom.
How can I differentiate between TDS and TCS reports and understand their respective contents in BUSY?
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.
How can I check the tds audit report with threshold party limit in BUSY?
To check the TDS audit report with threshold party limit in BUSY, follow these steps:
Step 1: Go to display section then click on tds report.
Step 2: Choose audit report then select all deductee or one deductee then choose all tds category or selected category.
Step 3: Now, specify the date range and check the report.
How can i enable TDS feature in BUSY?
To enable TDS feature in BUSY, follow these steps:
Step 1: Go to administration menu then click on configuration sub menu.
Step 2: Select features and option and click on TDS or TCS tab.
Step 3: Tick on enable TDS reporting then configure it as per the requirements.
Step 4: You also need to enable TDS feature master.
How can I determine the threshold limit for TDS under section N in BUSY?
You can add the TDS category from 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.