Frequently Asked
Questions

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

FAQs

The default TDS bill entry applies TDS incorrectly for my requirements. How can I set up and apply a custom TDS bill entry during invoice creation?

If default TDS bill sundry is not calculating the value as per your requirement then either you can modify the default bill sundry or you can create the new bill sundry as per your needs.

I am passing TDS entries via journal voucher. How can I ensure the correct % rate is applied for a domestic company?

To apply the correct 2% TDS rate for a domestic company in a journal voucher, select the domestic company category and enter the applicable TDS rate. It is fixed at 2% for all domestic companies.

I am unable to see the TDS deduction being made automatically in the voucher. What should I do to enable this?

When you resave the voucher then TDS window get open, from there can see the TDS deduction which has been made automatically when your limit has crossed. Also can see the in the TDS report.

What are the different TDS certificates available, and how can I generate them in BUSY?

You can generate the form 16A and form 16 TDS certificate from BUSY from below steps.
 Step 1: Click on print/email/sms menu
 Step 2: Then TDS/TCS reports
 Step 3: Then form 16A or form 16

How do I nullify TDS deduction that is enabled in the party master in BUSY?

You can disable the TDS option in the party master from below steps.
 Step 1: Click on Administration
 Step 2: Then Masters
 Step 3: Then Modify
 Select the party master and disable the TDS option.

I am facing an issue where one of my parties is deducting TDS at % while for all other parties, the TDS deduction is .%. Why is this difference and how can I resolve it?

The TDS is charging the 5 percent for the parties whose PAN number is blank in the party master.If you mention the PAN number in the party master then will deduct TDS 0.1 percent.

The software is deducting TDS on the full invoice value, instead of deducting only on the amount above lakhs. How can I fix this?

Make sure that the TDS feature applicability set it in the party master when the limit get cross. As if you set from the start then will calculate the TDS in your each voucher.

The software is deducting TCS on the full invoice value instead of deducting it only above lakhs. What should I do to rectify this?

Make sure that the TCS feature applicability set it in the party master when the limit get cross. As if you set from the start then will calculate the TCS in your each voucher.

I made separate accounts for sample and regular purchases from vendor ABC. But TDS got calculated only on one account. How to fix this?

The TDS get deduct in both the voucher,main and sub ledger voucher which created as seperate account but when you check the TDS report, It will show as data as per the main ledger.

Is there a way to add TDS on both the supplier invoice amount and my commission amount in a single voucher entry?

If you want to charge the tds in the single voucher entry for then create commission as a bill sundry in the voucher and after that apply the tds bill sundry on invoice amount.