Frequently Asked
Questions
Find Solutions to Common Issues Related to taxation - tds tcs data feeding and report
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.
How can I unlink TDS from a voucher entry that says TDS is still linked so I can delete the voucher?
If you want to unlink the TDS with the voucher, Then open the voucher in modify mode and press F9 shortcut key to remove the tds bill sundry from the voucher and save it.
there is taking lots of time to open TDS report what is the issue?
taking lots of time to open TDS report then maybe your data was to heavy or there is issue in TDS reporting then you need to share your data for checking on support mail.
When adding TDS payment details in BUSY, how do I choose the correct category?
When you add the TDS payment then you need to select the TDS category while saving the voucher then TDS popup window will show after that select the TDS reference and adjust it.
How does BUSY calculate TDS/TCS?
BUSY applies TDS/TCS based on the rate specified in the TDS category and whether the party has a PAN or not. It also checks if the transaction meets the criteria for TDS/TCS deduction.
I want to check the TCS amount paid or payable. Where can I find this information in BUSY?
You can check the TCS amount paid or payable in the TCS report from below steps.
Step 1: Click on Display menu
Step 2: Then TDS/TCS Reports
Step 3: Then TCS Collection details
If the TDS rate is % but amount is in the invoice in BUSY, what does it mean?
If the TDS rate is 5% but the amount is 0 in the invoice in BUSY, it means that the invoice is being supplied to an SEZ and hence TDS is not applicable.
How do I set up TDS calculation based on the sum of supplier invoice amount, loading/unloading, and commission?
When you want to calculate the TDS on the sum of Invoice amount and other charges.Then in TDS Bill sundry, You have to tick on the option Net bill amount for TDS Calculation.