Frequently Asked
Questions

Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report

FAQs

How do I set up a warning alarm if my TDS amount goes above lakhs?

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.

Where can I find the option to record TDS deductions from client payments in BUSY?

If the client has deducted the TDS then you need to record the journal entry without creating any TDS reference.
 Pls follow the below steps.
 Step 1: Click on Transactions
 Step 2: Then Journal
 Step 3: Then Add
 Step 4: DEBIT the account which created as expense account and CREDIT the party account.

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.

How can I add a new TDS category 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.

I am trying to make an accounting entry for rent paid to a landlord, but it is not getting saved and showing errors. What is the correct way to do this entry?

If you are not able to save the rend paid entry then make sure that the amount in both the DEBIT and CREDIT side should equal. In the Journal Voucher, DEBIT the rent paid account which is created under indirect expense and CREDIT the landlord account which is created in the party master.

I have a large company with many invoices. Is there a way to automate TDS calculation for expenses falling under different categories on the same invoice rather than doing it manually?

The software calculate the TDS for only one expense as per the govt. norms.You can charge the TDS on expense only for same TDS category.The TDS reference get create only for single expense and accordinly will show in the TDS reports.For different TDS category have to pass the different voucher for the expense.

The software is showing my company's previous year turnover, due to which TCS is still being auto-deducted. How can I update the current year turnover so TCS is not applied?

If you dont want to consider the last year TCS value then can disable the option from below steps.
 Step 1: Click on Administration
 Step 2: Then Configuration
 Step 3: Then Features and Options
 Step 4: Then the TDS/TCS option
 Step 5: Disable the option check previous year data for TCS u/s 194Q.

I want the software to automatically calculate TDS separately for different expense categories in a single voucher, so I don't have to create multiple vouchers for the same invoice?

The software calculate the TDS for only one expense as per the govt. norms.You can charge the TDS on expense only for same TDS category.The TDS reference get create only for single expense and accordinly will show in the TDS reports.For different TDS category have to pass the different voucher for the expense.

I want to know the total number of TDS entries made in the month of June. How can I get this information from the software?

You can check the TDS entries in the TDS reports from below steps.
 Pls follow the below steps :
 Step 1: Click on Display
 Step 2: Then TDS/TCS reports
 Step 3: Then TDS deduction details 
 Step 4: Open the tds category and in the bottom can check the total number of entries.

The software is not allowing me to select different TDS accounts for the two expenses in the same voucher. What should I do?

The software calculate the TDS for only one expense as per the govt. norms.You can charge the TDS on expense only for same TDS category.The TDS reference get create only for single expense and accordinly will show in the TDS reports.For different TDS category have to pass the different voucher for the expense.