Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
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.
Can you guide me through the process to fill all the required details for TDS return in the software?
To upload TDS e-Return 26Q.txt or 27EQ.txt file, please follow these steps :
Step 1 : Go to Print/Email/SMS then TDS/TCS reports
Step 2 : CLick on e-TDS return(Non- salary) and e-TCS return then Generate the Form 26Q and 27EQ
Step 3 : Generate the file. The file will be .txt extension
Step 4 : e-TDS/e-TCS return can be prepared using Return Preparation Utility provided by NSDL Portal and you can upload the BUSY-generated Form26Q.TXT file in that tool
Step 5 : Once the file has been uploaded, verify using the File Validation Utility (FVU) provided by NSDL.
Step 6 : In case file has any errors the FVU will give a report of the errors. Rectify the errors and verify the file again through the FVU.
Step 7 : Generated .fvu file can be submitted at TIN-FC or uploaded at https://www.incometax.gov.in/iec/foportal/ website
How do I properly tag or map TDS deduction categories to the relevant transactions in the accounting software?
To properly tag or map TDS deduction categories to the relevant transactions in the accounting software, you need to follow these steps:
1. Open the party master and select the party for which you want to apply TDS deduction.
2. In the party master, select the appropriate TDS category for the party based on the type of transaction (e.g., TDS on purchase, TDS on professional services).
3. Ensure that the expense account for the service is correctly tagged with the TDS category.
4. Make sure that the correct TDS rate is applied for the selected category.
5. Save the changes and apply TDS deduction to the relevant vouchers or transactions.
By following these steps, you will be able to properly tag or map TDS deduction categories to the relevant transactions in the accounting software.
How can I configure the software for automatic TDS calculation on commission only, not on sales?
When the TDS is not calculating automatically for the vendor bills exceeded with 50 lakh then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: 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 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
What are the prerequisites and settings required to enable automatic TDS calculation in BUSY?
When the TDS is not calculating automatically for the vendor bills exceeded with 50 lakh then make sure that tds configuration should done properly in BUSY and TDS is enable in the party master.
Pls Follow the Below the Steps for TDS Calculation :
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Enable the TDS/TCS option
Step 5: Mention the warning for TDS purachse and payment voucher as per your requirement in the bottom.
Step 6: Open the party account in modify mode
Step 7: 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 8: Then in purchase voucher will calculate automatically when limit get cross and reference will get create.
