Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
How do I adjust multiple previous TDS deductions in the current payment voucher in BUSY?
To adjust multiple previous TDS dedustions in the current payment voucher in BUSY you need
to select the previous tds deduction quarter on tds reference adjustment box then all the
previous references will show for adjust
How do I account for TDS deduction by a customer on their payment to me?
If your customer has deducted the TDS, then you have to pass the journal voucher for the TDS entry.
Pls follow the below steps :
Step 1: Click on Transactions
Step 2: Then Journal
Step 3: Then Add
My TDS entries are not getting linked to the respective party accounts automatically. What should I do to link them?
To link the TDS entries to the party accounts , you have to enable the TDS option in the party master.Then the TDS reference will get create in the voucher and adjust it during the payment voucher.
I'm having difficulty finding the TDS/TCS configuration options in BUSY. What should I do to enable them?
You can enable the TDS and TCS feature from below steps.
Step 1: Click on Administration
Step 2: Then Configuration
Step 3: Then Features and Options
Step 4: Then TDS/TCS option
Step 5: Enable the TDS Reporting
The voucher amount is showing a round-off difference after removing TDS. How can I correct this?
To correct the round-off difference in the voucher amount after removing TDS, you can manually adjust the amount in the voucher. In BUSY, you can edit the voucher and modify the amount to match the desired value.
What steps do I need to follow to apply TDS deduction on vendor payments in BUSY?
When you do the TDS payment, Then in the journal voucher you have to DEBIT the tds acccount and CREDIT the bank account. Adjust the tds reference which you have created in while booking the TDS entry.
Why am I getting an error that says "TCS cannot be applied as no bill summary has been formed" when I try to apply TCS?
For this error TCS cannot be applied as no bill summary has been formed, You have to chec that the TCS bill sundry configuration should be proper and TCS account should tag in the TCS bill sundry.
The TDS configuration I set up in BUSY previously is not reflecting anymore. My settings seem to have been reset. What should I do?
If the TDS configuration is not reflecting as you set previously then make sure you are checking the correct company data and might be someone has changed the settings then you need to restore the data backup.
I am unable to reference or link the TCS payment voucher with the TCS collection voucher in BUSY Software. How can I link them?
To link TCS payment and collection vouchers in BUSY, you need to enter the same TCS reference number in both vouchers. This will link the two vouchers and reflect the TCS payment in the TCS collection report.
Someone else has deducted TDS, and I am entering it in BUSY now. How can I include the TDS section and deductor PAN details?
If someone has deducted the TDS, then you have to pass the journal voucher for the TDS entry.
Pls follow the below steps :
Step 1: Click on Transactions
Step 2: Then Journal
Step 3: Then Add