Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
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.
I made TDS payments in April, but they are showing against May in the Q. Why is this mismatch happening?
The TDS payments made in April may be showing against May in the 26Q form due to the payment date being in May.
if Purchase voucher date or expense date selected 01-04-23 & TDS Deduction date selected on 01-05-23. so that entry will not show in April Month. that entry will reflect in May Month. To check & Correct the entry. Kindly follow the following Steps.
Step 1: Go to Transactions Menu
Step 2: Click on Purchase vouchers option
Step 3: Click Modify Purchase Bill which is not reflecting in April month.
Step 4: Click on save voucher will get popup of Adjust TDS References.
Step 5: Check the TDS Deduction Details Where Ref. No.& date of TDS Ded. On & Expense Date.
Step 6: click on OK and save purchase voucher.
I made TDS deductions on commission expenses but they are not reflecting in the non-salary TDS reports. What is wrong and how to resolve this?
If you had made tds deduction on commission expenses but they are not reflecting in the tds
non salary tds reports then follow the steps
Step1 go to transaction menu and click on journal and modify
step2 serach the voucher of Commission expense and open it
step3 ensure that you have enable tds on expense ledger and selected tds category properly
and also ensure that the party master have enable the tds on expense and set the payee category
Step4 then modify the the expense voucehr where expense should debit and party should
credit after selecting party tds deduction box will open select yes and post tds
Step5 then on TDS deduction window generate tds reference and save to see its effect on
tds deduction details non salary
How to calculate TDS automatically on commission payments
To enable and calculate TDS on commission in BUSY, you need to do the following:
Step 1: First, go to the Administration menu and click on Configurations.
Step 2: Next, select Features / Options and click on TDS / TCS. This will open the TDS / TCS Configuration screen.
Step 3: Then, mark the checkbox of Enable TDS Reporting. This will enable the TDS feature in BUSY.
Step 4: After that, create a commission master from the Masters menu and select Account and enable the option TDS on Expense and select the TDS category from the dropdown list that appears.
Step 5: In the party master, also enable the option Enable for TDS on Expense and select the payee category.
Step 6: Finally, when you create a payment or journal voucher for commission, BUSY will automatically calculate and deduct the TDS amount.
