Frequently Asked
Questions

Q: How are TDS refunds handled in the accounting system? I received a refund but don't know how to account for it.

To account for TDS refund in the accounting system, you need to create a refund account and record the refund amount in it. This will help you keep track of the refunded amount separately from other transactions.

Q: 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.

Q: 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

Q: 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.

Q: 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.

Q: I want to link the previous TDS deduction to the current payment voucher for a vendor. How can I do this in BUSY?

Yes, you can include the TDS expense previous deduction charges in the current voucher of vendor. During the payment voucher, When the tds reference window get open then tick on option include previous references also .

Q: If I record sample purchases under a different account name but the same GSTN and PAN, how will it impact TDS calculation?

If you record the sample purchase for different account as sub ledger but with same GSTIN and PAN then tds will get deduct according to threshold TDS limit get crossed for main ledger or sub ledger.

Q: How can I confirm if my accounting software is updated to the latest version? I am facing issues with TDS reports.

You can confirm for your BUSY latest version from below steps : Step 1: Click on Company Step 2: Then check BUSY update From here can check the latest BUSY release and can update it.

Q: The TDS Deduction Details report is showing TDS deductions voucher-wise. How can I modify the report to view deductions party-wise?

You can view the TDS deduction report party wise by applying the filter on party from below steps : Step 1: Click on Display menu Step 2: Then TDS/TCS Reports Step 3: Then TDS Deduction details.

Q: How can I configure BUSY to apply the % TCS by default for parties with a turnover above lakhs?

You have to mention the PAN number in the party master then will deduct the TCS of 1 percent. As if we do not mention the PAN number then will get charge by 5 percent rate.

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

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License Management/Softlock/Hardlock

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Dealer Complaint/Issues

How are TDS refunds handled in the accounting system? I received a refund but don't know how to account for it.

To account for TDS refund in the accounting system, you need to create a refund account and record the refund amount in it. This will help you keep track of the refunded amount separately from other transactions.

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.

I want to link the previous TDS deduction to the current payment voucher for a vendor. How can I do this in BUSY?

Yes, you can include the TDS expense previous deduction charges in the current voucher of vendor. During the payment voucher, When the tds reference window get open then tick on option include previous references also .

If I record sample purchases under a different account name but the same GSTN and PAN, how will it impact TDS calculation?

If you record the sample purchase for different account as sub ledger but with same GSTIN and PAN then tds will get deduct according to threshold TDS limit get crossed for main ledger or sub ledger.

How can I confirm if my accounting software is updated to the latest version? I am facing issues with TDS reports.

You can confirm for your BUSY latest version from below steps :
 Step 1: Click on Company
 Step 2: Then check BUSY update 
 From here can check the latest BUSY release and can update it.

The TDS Deduction Details report is showing TDS deductions voucher-wise. How can I modify the report to view deductions party-wise?

You can view the TDS deduction report party wise by applying the filter on party from below steps :
 Step 1: Click on Display menu
 Step 2: Then TDS/TCS Reports
 Step 3: Then TDS Deduction details.

How can I configure BUSY to apply the % TCS by default for parties with a turnover above lakhs?

You have to mention the PAN number in the party master then will deduct the TCS of 1 percent. As if we do not mention the PAN number then will get charge by 5 percent rate.

Frequently AskedQuestions