Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
I made a TCS entry but it is not showing in my balance sheet. Where can I view the TCS amount?
In the Balance sheet,You can view the TCS amount in the current liabilites. You can view the TCS report from the below steps.
Step 1: Click on Display
Step 2: Then TDS/TCS report
Step 3: Then TCS Collection details
I want to add a new TDS tax category with a custom rate for select vendors who have lower TDS certificates. What is the process to create a new TDS category and apply it to specific vendors in BUSY?
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 and save
The software is applying the standard TDS rate even though I have a lower tax deduction certificate from the government. How can I get the software to apply the custom lower TDS rate based on the certificate?
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 and save
I am trying to make an entry for TDS on professional fees, but it is not getting adjusted. What category should I select for professional fees TDS?
If the TDS on professional entry is not getting adjusted then make sure you have selected the correct tds category and For professional fee on TDS, You have to select the TDS Category of fees on professional services.
I have one invoice but two expenses falling under different TDS categories. Why am I unable to calculate TDS for them separately in the same voucher?
In one invoice can charge the TDS for one expense only. We cannot charge TDS on the two expense of different TDS Category. You can calculate the TDS of two different categories of expense in the different voucher
I want to start fresh TDS deductions for the current financial year. Should I take balance from the previous year in BUSY or reset?
If you have some pending references from the last year then you need to adjust in the current year. If there is no pending references that can do the fresh start of the TDS in current financial year.
The software is deducting GST instead of TDS for my commission income. Why is it not deducting TDS and how can I fix this?
If you want to deduct the TDS then make sure that TDS feature should be enable in the party master.Then TDS will deduct in the voucher as per the applicable limit mention by you in the party master.
I want to define the TCS percentage to be applied, but it is not getting updated automatically. What should I do in BUSY?
The TCS percentage get apply automatically in the voucher from below options.
Step 1: When we mention the PAN number in the party master.
Step 2: When we mention the defualt percentage in the TCS bill sundry master.
I enabled TCS and TDS recently but some references don't seem to be calculating automatically. Do I need to enter them manually?
When applying TCS bill sundry and saving the voucher in BUSY, a TCS Reference window will appear. In this window, you will need to mention the Collection code in order for the details to be picked up automatically.
I received a separate TDS amount from my customer after invoice payment. How can I account for this TDS receipt in BUSY?
If you receive the seperate TDS amount after the invoice payment. You need to pass the seperate journal entry.
Pls follow the below steps :
Step 1: Click on Transactions
Step 2: Then Journal
Step 3: Then Add