Frequently Asked
Questions

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

FAQs

I have made changes to the TDS category should pick percentage according to the date, but it is still picking up the old settings. How can I update this in BUSY?

When you made changes to the TDS category but still picking old settings then follow the below steps.
 Step 1: Make sure to apply the changes in the correct TDS category master.
 Step 2: Make sure that you have selected the date from which new percentage of TDS is applicable.

I want to know if TDS reporting is enabled in my BUSY account. How can I check the status and enable it if needed?

You can enable TDS feature from the below steps.
 Step 1: Click on Administration
 Step 2: Then Configuration
 Step 3: Then Features and Options
 Step 4: Then click on TDS/TCS
 Step 5: Enable the TDS/TCS option
 Step 6: Mention the warning for TDS as per your requirement in the bottom.

I am trying to enable TDS for a vendor in BUSY but I don't see the option. How can I activate TDS deduction?

You can enable TDS feature from the below steps.
 Step 1: Click on Administration
 Step 2: Then Configuration
 Step 3: Then Features and Options
 Step 4: Then click on TDS/TCS
 Step 5: Enable the TDS/TCS option
 Step 6: Mention the warning for TDS as per your requirement in the bottom.

I want to generate TDS returns for the transport services where TDS was deducted. How can I filter that specific TDS data?

You can view the particular transport TDS category data in the TDS report from below steps :
 Step 1: Click on Display menu
 Step 2: Then TDS/TCS Reports
 Step 3: Then TDS Deduction details
 Here select the transport tds category and then apply filter on party to view the report.

What is the process to enable different features like TDS reporting in BUSY, and where can I find the configuration settings?

You can enable TDS feature from the below steps.
 Step 1: Click on Administration
 Step 2: Then Configuration
 Step 3: Then Features and Options
 Step 4: Then click on TDS/TCS
 Step 5: Enable the TDS/TCS option
 Step 6: Mention the warning for TDS as per your requirement in the bottom.

I want to change my TDS for last financial year but it is not getting reflected this year. What should I do in BUSY to make sure the changes apply going forward?

If you have done the changes in the TDS account then get carry forward in the current financial. But the TDS references never get carry forward in the next year.If you have any pending reference then can do the TDS payment by creating the TDS account as a liability.

I need help understanding why TDS deduction is happening at a higher rate for one specific party even when PAN is available. What could be the potential reasons?

If the PAN number is available in the party master but still TDS is charging with the higher rate for one party. If the party has enabled the option that he has not filed the income tax return in the party master TDS window then it get charge higher.

I am unable to remove the TDS being deducted at a higher rate in one particular party even though their PAN is available. How can I resolve this?

If the PAN number is available in the party master but still TDS is charging with the higher rate for one party. If the party has enabled the option that he has not filed the income tax return in the party master TDS window then it get charge higher.

The TDS deduction percentage is different for one supplier as compared to all my other suppliers. Why is this happening even when all the parties have PAN available?

If the PAN number is available in the party master but still TDS is charging with the higher rate for one party. If the party has enabled the option that he has not filed the income tax return in the party master TDS window then it get charge higher.

I want the TDS amount to be posted to current liabilities when I record TDS entry in BUSY. What settings do I need to change for this?

You have to select the 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