Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How can I make TDS payments to the government from BUSY?
When you do the TDS payment, Then in the journal voucher you have to DEBIT the tds acccount and CREDIT the bank account. Adjust the tds reference which you have created in while booking the TDS entry and add the bank details.
From where can I disable the TDS feature in BUSY?
To disable the TDS feature in BUSY then you need to follow the below steps.
Step 1: Click on administration and then configuration
Step 2: Then features and options and then choose the tds tab, here untick the enable tds reporting option and ok.
I made purchases from the same company under two separate accounts. One account is for regular purchases, and the other is for sample purchases. Will TDS deduction be calculated separately for the two accounts or collectively based on total purchases?
Yes, The TDS will calculate based on the total purchase in the voucher if the seperate account created as sub ledger and mention the PAN number of the same company but the tds value will show as per the main company account.
I have crossed the Rs lakhs purchase threshold with a vendor. But some of the purchases include sample products recorded under a separate account. Will this avoid TDS deduction?
No, The TDS deduction will not get avoid if you pass the entry for the sample product with different account but GSTIN and PAN is same. The TDS will get charge according to the threshold limit get crossed of GSTIN and PAN.
When generating the TDS Deduction Details report, how can I view TDS deductions made for a single party rather than all parties together?
You can view the TDS report from below steps :
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TDS Deduction details
Step 4: Select the category and One deductee for one party to view the report.
Why does TCS appear in purchase vouchers instead of TDS? How should tax deductions be entered in purchase entries?
TCS should be entered in the sales voucher but if it is showing in the purchase then someone manually add the TCS bill sundry in the purchase voucher.You can remove the TCS bill sundry through F9 shortcut key from the purchase voucher.
How do I check if a particular voucher has crossed the threshold limit for applying TCS in BUSY?
When you enable the TCS feature in the party master and set the applicability.After that TCS popup will show that the limit has been crossed. Would you like to apply the TCS then TCS bill sundry get applied and create the reference.
On which types of bills will TDS be deducted? On which will TCS be deducted?
If net purchase or gross payment exceeds 50 lakh then tds will be deducted on purchase or payment voucher, while tcs will be deducted if net sales or gross receipt exceeds 50 lakh then can apply tcs on sale or receipt voucher.
I want to view a report showing TDS deductions made for a specific party. How can I generate this report?
You can view 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 category and then apply filter on party to view the report.
I want to view all TDS deductions made in various vouchers. Where can I see the consolidated TDS deductions report?
You can view 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 category and then apply filter on party to view the report.