Frequently Asked
Questions

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

FAQs

What is TDS ?

Tax Deducted at Source (TDS) is an indirect tax and a means to collect tax at prescribed rates from the source of income. 
	In BUSY Software we can deduct TDS on Pymt./Purc. Of goods u/s 194Q and Payment voucher.

I entered transporter details in the Trade Creditor voucher in BUSY, but it's not auto-populating the TDS deduction details from previous entries for that transporter. What should I do to enable automatic data retrieval?

The TDS will get apply automatically when limit get crossed in the voucher. To ensure this we have enable the TDS option in the account master and tag the correct TDS category with the applicability as per your requirement.

I am trying to create a party in the party master, but only see the option for TDS under Q. How can I select TDS under C instead in BUSY?

In the party master, you have to enable the TDS on expense booking option and mention the payee category.
 You have to select the 194C tds category in the expense account or can mention in the TDS bill sundry.

The system is not showing previous year's TDS amounts separately; it is combining them with the current year amount. How can I see previous years' TDS amounts distinctly?

You can view the previous year TDS amount by changing the financial year from below steps.
 Step 1: Click on Administration
 Step 2: Then Change financial year
 Step 3: Select the previour year and check in the TDS report.

I want to check if my company is still liable for TCS deduction. What reports or screens in the software can I use to verify TCS applicability?

To verify the TCS applicability, then pls follow the below steps.
 Step 1: Click on Display
 Step 2: Then TDS/TCS reports
 Step 3: Then Receipts eligible for TCS
 Here can check the for which parties TCS limit has crossed.

I am not able to see certain account heads like Capital Account in the tagging options. Why is this happening and how can I enable it?

In BUSY, we can charge the TDS on expense and not for capital account, you can pass the journal voucher.
 Pls follow the below steps :
 Step 1: Click on Transactions
 Step 2: Then Journal
 Step 3: Then Add

When I enter a new party, the software automatically selects TDS under Q. How can I change this to select TDS under C in BUSY?

In the party master, you have to enable the TDS on expense booking option and mention the payee category.
 You have to select the 194C tds category in the expense account or can mention in the TDS bill sundry.

I need to add the seller's PAN number but am unsure where to enter it. Where can I add the PAN number for TDS calculation?

You need to mention the PAN number in the seller party master from below steps.
 Step 1: Click on Administration
 Step 2: Then Masters
 Step 3: Then Modify
 Step 4: Select the seller account and mention the PAN number

I want to link expenses like TDS to Capital Account instead of Duties and Taxes. What steps should I follow to do this?

In BUSY, we can charge the TDS on expense and not for capital account, you can pass the journal voucher.
 Pls follow the below steps :
 Step 1: Click on Transactions
 Step 2: Then Journal
 Step 3: Then Add

Why am I not able to select C for TDS deduction when creating a new party in BUSY? It only allows Q.

In the party master, you have to enable the TDS on expense booking option and mention the payee category.
 You have to select the 194C tds category in the expense account or can mention in the TDS bill sundry.