Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How do I check the taxable amount without including TCS or TDS?
If you're looking to check only the taxable amount excluding TCS or TDS in BUSY software,
you can follow these steps:
Step 1: Go to the Transaction menu.
Step 2: Click on Sale or Purchase, then List.
Before opening the report, set the show value of the amount as "Y" to see only the taxable
amount.
Why is TDS not getting applied automatically in my sales vouchers?
You have to deduct the TDS in the purchase voucher and TCS in the sales voucher.As TDS is charge on the expenses and Gross purchase when get cross above 50 Lakh as per govt norms and TCS is charge on the Scrap and Sales turnover when get cross above 50 lakh.
I am unable to see the TDS amount in the current liabilities section in BUSY after doing TDS entry. Why is this happening and how can I fix it?
Make sure you have selected the correct TDS account group as Duties and Taxes with TDS tax type.
Can check from below steps :
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Account
Step 4: Select the TCS account in modify mode and check the account group
I have two parties with the same PAN but different GST numbers. The TDS for one party is not showing up in the report. What could be the reason?
The PAN number can be same for the party with different GSTIN if the party has registration in the same state. The pther party TDS details also should in the TDS report. If it is not showing then make sure that the references has been properly created in that party voucher.
When making payment voucher entries for a domestic company or partnership firm, I am unable to save the entry due to TDS reference errors. What should I check?
If the TDS reference error is showing while saving the payment voucher then check the below steps.
Step 1: Check that you have selected the correct TDS category for adjusting the reference.
Step 2: Make sure you have mention the correct TDS amount in the voucher as per the TDS reference.
I am confused whether to use TDS or TCS for my sales bills. What is the difference, and how do I decide which one to apply in BUSY?
You have to deduct the TDS in the purchase voucher and TCS in the sales voucher.As TDS is charge on the expenses and Gross purchase when get cross above 50 Lakh as per govt norms and TCS is charge on the Scrap and Sales turnover when get cross above 50 lakh.
There is a difference between TDS deductible amount and TDS deducted amount shown in my reports. Why does this happen and how can I avoid it?
The difference amount shows when the TDS amount in the reference window and the amount which apply in the voucher is different. To avoid this you need to make sure that the TDS amount should be same in the voucher and in the TDS reference window as per the threshold limit.
Why is the TDS amount being posted to duties and taxes and not current liabilities when I do expense booking with TDS in BUSY?
Make sure you have selected the correct TDS account group as Duties and Taxes with TDS tax type.
Can check from below steps :
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Account
Step 4: Select the TCS account in modify mode and check the account group
I am trying to do TDS entry in BUSY but it is not hitting the liabilities. How can I resolve this?
Make sure you have selected the correct TDS account group as Duties and Taxes with TDS tax type.
Can check from below steps :
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Account
Step 4: Select the TCS account in modify mode and check the account group
The TDS options or fields are not visible in BUSY. What should I do to enable and configure TDS?
Pls Follow the Below the Steps for enabling the TDS Feature :
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 purchase and payment voucher as per your requirement in the bottom.