Frequently Asked
Questions

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

FAQs

How can I locate and open a specific TDS Category data in BUSY?

.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.

What is the TDS deduction limit per transaction for a particular party?

The amount of payment made to the contractor in a single contract does not exceed Rs.30,000.If the aggregate amount of such contracts in a financial year exceeds Rs.1,00,000, TDS will be deducted.
Note- you contact you ca for proper detail about this

Why is TDS section 194Q not applicable to me?

If your turnover was less than ₹10 crore in the previous financial year, or if the purchase of goods from a seller does not exceed ₹50 lakh in the current financial year, then TDS under Section 194Q would not be required.

When I enter transactions for a vendor with a lower TDS certificate, the standard higher TDS rate gets applied automatically. How can I make the software default to the lower custom TDS rate for that vendor?

To add new TDS category,follow these steps:
 Step 1 : Click on administration
 Step 2 : CLick on masters
 Step 3 : Select TDS category
 Step 4 : Add
 Step 5 : Add new TDS category define lower rate and save

Why am I unable to see the custom TDS rate I had set up for a particular vendor? How can I edit or modify the custom TDS rates I have configured in the software?

To add new TDS category,follow these steps:
 Step 1 : Click on administration
 Step 2 : CLick on masters
 Step 3 : Select TDS category
 Step 4 : Add
 Step 5 : Add new TDS category define lower rate and save

The TDS amount being calculated is incorrect for a vendor who has a lower tax deduction certificate. What should I do to have the software deduct the right lower TDS amount?

To add new TDS category,follow these steps:
 Step 1 : Click on administration
 Step 2 : CLick on masters
 Step 3 : Select TDS category
 Step 4 : Add
 Step 5 : Add new TDS category define lower rate and save

How can I check the total TDS deductions made against a particular vendor or under a specific section in a financial year? Where can I find TDS reports in BUSY?

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'm unable to see the TDS deductions for a specific transporter in the BUSY reports. How can I get it to display the TDS that was already deducted?

If for some transporters are not showing properly in the TDS report then you need to check that TDS references has been properly created or not. When th TDS references has been created properly then will reflect in the TDS report.

Why is the standard higher TDS rate being applied even after I input the certificate details for a vendor with lower deduction? How can I fix this?

To add new TDS category,follow these steps:
 Step 1 : Click on administration
 Step 2 : CLick on masters
 Step 3 : Select TDS category
 Step 4 : Add
 Step 5 : Add new TDS category define lower rate and save

Some transporters' TDS deductions are showing properly in BUSY, but for others, I have to manually adjust through journal vouchers. Why is it not consistent?

If for some transporters are not showing properly in the TDS report then you need to check that TDS references has been properly created or not. When th TDS references has been created properly then will reflect in the TDS report.