Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
What is TCS ?
Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. As per new rules applicable from 1st October 2020, a seller selling any commodity to a party is required to collect TCS based on certain conditions.
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
I want to know why TDS deduction percentage is higher for a particular party even when their PAN details are present. What should I check?
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 need to file quarterly TDS returns for salaries paid. How can I generate the TDS returns for salaries in BUSY?
You can generate the TDS ereturn for quarterly for salaries which has paid to the employees from below steps.
Step 1: Click on Print/Email/Sms
Step 2: Then TDS/TCS reports
Step 3: Then TDS ereturn Salary
Step 4: Then TDS ereturn file will get generate default in the BUSYwin folder
I'm unable to create a H TDS reference in BUSY. It keeps defaulting to Q. How can I fix this?
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 having trouble generating the EQ report in BUSY. How can I troubleshoot and resolve this issue?
You can generate the TCS 27EQ from the below steps.
Step 1: Click on Display
Step 2: Then TDS/TCS reports
Step 3: Then Form 27EQ
Here you can check the data quarter wise. In this report the data will reflect when you properly created and adjusted the TCS references.