Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How can I transfer a TDS amount from last year to the current year's TDS Payable account 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.
Why is the data from the previous financial year not getting carried forward in the TCS adjustment entry?
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 want to make changes to my TDS for the current financial year. How can I do this in BUSY so it reflects in next year's filing?
The TDS references and adjustement shows only financial year wise in the TDS report. In next year,if you have any pending reference then can do the TDS payment by creating the TDS account as a liability.
Pls follow the below steps:
Step 1: In the last year, you have to create the liability by name tds account under current liability
Step 2: Go to the transaction and pass the journal voucher, DEBIT the tds account and CREDIT the tds payable 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 voucher. DEBIT the tds payable account and CREDIT the cash or bank account.
How do I link TDS deduction with sales and payments to ensure accurate accounting?
To link TDS deduction with sales and payments in order to ensure accurate accounting in BUSY, you need to follow these steps:
1. Create a TDS category: Go to Masters > TDS Category and create a new category for TDS deduction.
2. Configure TDS settings: Go to Masters > Party and select the party for which you want to link TDS deduction. In the TDS Deduction section, select the TDS category you created and enter the TAN number of the party.
3. Record sales invoice: While creating a sales invoice, enter the TDS category and rate applicable for the transaction. This will ensure that the TDS amount is deducted from the invoice amount.
4. Record payment entry: When recording the payment entry for the sales invoice, select the TDS category and enter the TDS amount deducted. This will link the TDS deduction with the payment.
I enabled TCS in the software but am still unable to adjust the TCS amounts. What additional steps do I need to take?
To setup the TCS in BUSY that it should deduct after crossing the limit of 50 lakh.make sure that TCS configuration should done properly in BUSY and TCS is enable in the party master.
Pls Follow the Below additional Steps for TCS Calculation :
Step 1: Open the party account in modify mode
Step 2: Then in TDS/TCS window, mention the applicable limit- Applicable after limit.Then TDS will get charge if the limit get cross after 50 lakh.
Step 3: Book the TCS entry through sales voucher by adding the TCS bill sundry.When you save the voucher then tcs reference will get create and can adjust the refernce during the receipt voucher.
Step 4: When you do the TCS payment, Then DEBIT the tcs acccount and CREDIT the bank account. Adjust the tcs reference which you have created in while booking the tds entry.
I made a TDS entry in the previous financial year, but it is not getting carried forward or adjusted in the current year. What should I do?
The previous year TDS reference not get carried forward in the next year. Pls follow the steps to adjust that reference in the current financial year.
Pls follow the 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 payment.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 am unable to generate the TCS tax report in BUSY. It shows blank when I try to print.
If TCS tax Report showing blank while we try to print or preview. Some possible reasons could be following. Kindly follow the following Steps.
Step 1: Ensure that you are using the latest version of the BUSY.
Step 2: Incorrect data entry: Double-check the data you have entered for accuracy, including the TCS amounts, TCS Ref. No. and other relevant details
Step 3: TCS deducted or not in sale bill entry.
Step 4: Check TCS Deducted Invoice date and Tax collected on date.
Step 5: To generate TCS Report Go to Display Menu click on TDS / TCS Reports.
Step 6: Click on TCS Collection Details option
Step 7: Select All Category - All References option
Step 8: Select Stating date, Ending date and Report Status as on date.
Step 9: click on OK
How can I add a bill sundry for TCS in BUSY, and what are the steps?
You can add the TCS bill sundry in BUSY from below steps.
Pls Follow the below Steps:
Step 1: Click on Administration
Step 2: Then Masters
Step 3: Then Bill Sundry
Step 4: Then Add
Step 5: Mention the name as TCS
Step 5: Select Bill Sundry Type as Additive and Bill Sundry Nature as TCS
Step 6: In the Accounting in sales box, You have to mention the enable the affect accounting option
Step 7: Then Set N for adjust in the sales amount and specify the TCS account and Yes the adjust in the party amount.
Step 8: On Right side,You have to select the amount of bill sundry to be fed as percentage on taxable or net bill amount as per your requirement and save it
Step 9: During the Sales voucher, Apply the TCS Bill Sundry.
Why am I getting warnings about TCS deduction even for low-value invoices? How can I stop these warnings from showing?
Why we get warning beacuse if in the party master - TCS window selected option of Applicable from start than only will ask to deduction warnings of TCS even for low-value of invoice.
How can we stop TCS warnings even for low-value of invoice.Kindly follow the following Steps.
Step 1: Go to the Administration Menu
Step 2: Click on Masters
Step 3: Select Account Menu
Step 4: Under Account Menu click on Modify
Step 5: Select Party Name which while making invoice giving warning of TCS deduction even for low-value invoices.
Step 6: After Modify party master Enter on party group pop up window will be open of TDS/TCS Info.for Acc.
Step 7: An On pop up window of TDS/TCS Info.for Acc. click on drop down option of TCS on Rcpt./Sale u/s 206C(1H) and select option Applicable after limit.
What is the TDS process in BUSY? How do I generate TDS returns?
the TDS process in BUSY id given below
first we need to enable TDS in BUSY
1: Click on Administration
2: Then Configuration
3: Then Features and Options
4: Enable the TDS/TCS option
5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
6: Select skipping TDS reference creation as Warning only or No action and save the configuration.
7: Open the party account in modify mode
8: Then in TDS/TCS window, mention the applicable limit- as per your requirement and payee category.
9: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
To generate TDS return file follow these steps
1: Go to Print Email Sms and then click on TDS TCS Report.
2: Now select eTDS Return and here you can export text format.
3: then use it to upload TDS return on portal.
