Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
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.
Why is TCS being deducted from my purchase amount in BUSY? Shouldn't it be deducted from the sale amount?
In BUSY, TCS is not deducted automatically in purchase voucher entry. If the supplier charges TCS, you need to include the same TCS in your purchase invoice manually. To charge TCS on purchase voucher, follow these steps:
1.To create the TCS bill sundry for purchase invoice, follow these steps:
Step 1: Go to administration section then click on master menu
Step 2: Choose the bill sundry option then click on add tab
Step 3: Create a bill sundry for tcs on purchase with additive nature and specify the tcs on purchase account under current asset in accounting in purchase field then save the bill sundry after required configuration.
2.To post the purchase entry with TCS, follow these steps:
Step 1: Go to transaction section then click on purchase voucher type
Step 2: Select the add option then create the invoices with required details and charge the tcs in bill sundry.
Step 3: After update the requird details, save the invoice.
Why is TCS still being deducted from my invoices when my turnover this year is below the lakh limit? How can I stop this deduction?
The reason TCS is deducted from your invoice is that you've initially set TCS on Rcpt./Sale u/s 206C(1H) as Applicable from start in the account master. To prevent TCS deduction for a specific party with a turnover less than 50 lakhs this year, follow these steps:
Step 1: Open the Administration Menu.
Step 2: Click on Masters.
Step 3: Select Account Menu.
Step 4: Under Account Menu, click on Modify.
Step 5: Choose the party's name for which you're receiving TCS deduction warnings, even for low-value invoices.
Step 6: After selecting the party, a window labeled TDS/TCS Info. for Account will appear.
Step 7: In the TDS/TCS Info. for Account window, use the drop-down menu for TCS on Rcpt./Sale u/s 206C(1H) and select the Applicable after limit option. This means TCS won't be deducted for that party until their turnover reaches the 50 lakhs limit.
I am trying to make a TDS payment for last year, but I'm unable to do so without a reference. How can I make this TDS payment in BUSY?
When previous year TDS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds 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 payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
I want to carry forward the TCS details from last year to the current year. What should I do since it is not happening automatically?
When previous year TCS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tcs payable account and CREDIT the tcs account.While saving the voucher adjust the tcs reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tcs payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tcs payment entry through journal or payment voucher. DEBIT the tcs payable account and CREDIT the cash or bank account.
I am trying to adjust my TCS entry for the previous financial year, but the reference is not showing up. How can I resolve this?
When previous year TCS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tcs payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tcs payable account and CREDIT the tcs account.While saving the voucher adjust the tcs reference and add the bank details later when you do the payemnt.Then the balance will get carry forward in the tcs payable account.
Step 3: Change the financial year with new and changed masters from Administration menu.
Step 4: Go to the transactions, Pass the tcs payment entry through journal or payment voucher. DEBIT the tcs payable account and CREDIT the cash or bank account.
What is the step-by-step process to clear an outstanding TDS liability pertaining to the previous financial year in the current year in BUSY?
When previous year TDS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds 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 payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
How do I properly record a brought forward TDS liability amount from last year in the current year books in BUSY?
When previous year TDS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds 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 payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
I want to adjust my last year's TDS liability in the current year. What steps should I follow to do this?
When previous year TDS reference is pending then can make the payment in the current financial year. Previous year references not get carry forward in the next year, we have to adjust it in the previous from below steps.
Step 1: In the last year, you have to create the liability by name tds payable account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds payable account and CREDIT the tds 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 payment entry through journal or payment voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
How do I account for TDS/TCS in BUSY properly?
To account for TDS i.e.Tax Deducted at Source and TCS Tax Collected at Source properly in BUSY, you need to follow these steps:
Step 1: Set up TDS/TCS: Enable TDS/TCS from administration menu then select configuration option from it under configuration select feature and option and then click on tds/tcs tab to mark tick on tcs/tds option and lastly click on save button to save the configuration.
Step 2: Configure account master: Update party master details with correct TAN i.e Tax Deduction and Collection Account Number and PAN i.e. Permanent Account Number information and also enable the tds applicable in party and expense masters.
Step 3: Record TDS/TCS entries: Record the entries in journal voucher, payment, receipt, sale and purchase voucher to view the relevant repots of tds/tcs.
Step 4: Generate Reports: Now Go to display option and select tds/tcs report option to view the different reports of tds/tcs.
