Can I claim TDS benefit when I file my return?

Benefits of TDS

 

TDS or Tax Deduction at Source implies that before you get your salary or your income, the required amount of tax gets deducted from it (only if you fall under the tax paying wrapper).
For TDS collection, there are usually two parties involved, one is the deductor and the other is the payee. Although there are many sources from which TDS can be colleted, to make our understanding simple, lets take an example of an employer and his employee (considering that the employee is a salaried person and falls under the bracket of paying taxes). In such a scenario, we will be able to grasp what the benefits and advantages are to each of the members.

Benefits to the employer-  

1. It is an easy way of collecting taxes.
2. TDS can be calculated for all employees in a quick and easy manner with the help of different tax calculators available on-line. These are easy to use, cost effective and they save a lot of time as well. There is no paper work involved as it can all be done on-line.
3. Since the calculation is all computerized, there is no scope for any miscalculations or errors.
4. Apart from the tax calculators, various forms and reports related to TDS, such as Form 16A, Form 16, Form 12BA, Form 24, Form 27A, etc can be generated with ease.

Benefits to the employee-

1. TDS is a way through which a person makes his tax payment every month, so that by the end of the tax year, an equal amount is taken from him through out the year. And he does not have the hassle of depositing a large sum at the last date of paying his taxes.
2. According to the amount of tax deducted, the employee is able to calculate how much his expenses can be in order to get a tax rebate.
3. Every month the same amount is deducted from the salary/income, so the employee knows how much he will be paid and how much will be deducted every month in the form of tax and can plan his finances accordingly.
4. There is no headache of standing in queues in order to hand over the forms as it is all done by the companies.


TDS is also most beneficial for the Government as it ensures timely payment of taxes from people earning salaries.

Publisher: Ankit Khanna - 21:22

Busy Software ver 14.0 Release 3.3

Product Release Information

From	:-	Mktg Deptt	To	:-	All
Product	:-	BUSY	Version	:-	14 (Rel 3.3)
Compilation Date	:-	12.05.2014	Document Date	:-	12.05.2014

 Download 30-Days Trial Copy

 

 

 

Statutory Changes

1. Minor changes in Assam Form-13.

2. Minor changes in Bihar RT1 & RT-3.

3. Minor corrections in Uttarakhand e-Return.

Minor Changes

1. Trading Excise Purchase entry; in case of same Supplier & Manufacturer but with different Invoice No. or different Invoice Date, it was being assumed that separate details were required to be printed for both in Sales Invoice.  Now in case of same Supplier & Manufacturer, if both invoice no. and invoice date are different only then it will be assumed that separate details are required in Sales Invoice.

2. Payment Reminder letter for a ‘Group of Account’ was not working.  Now problem rectified.

3. TDS Payment voucher, label showing total amount was small in size and was not able to accommodate larger figures.  Now size increased.

4. BCN-wise stock status with value (based on last quantity in) was considering Sales Return voucher also.  Now Sales return voucher will be excluded for the purpose stock status value.

5. Size of amount field in accounting vouchers increased to accommodate larger values.

6. While creating any Master from a user tagged with a Master Series Group, user’s Master Series Group was automatically being tagged with the master but the Branch’s Master Series Group (if different from user’s Master Series Group) was not being tagged automatically.  Now Branch’s Master Series Group will also be tagged automatically.

7. No. of MC which could be tagged with a branch was 99.  Now restricted to 85.

8. New command line parameter ‘nbg’ provided to remove BUSY’s main screen background (required while working through remote desktop).

 Download 30-Days Trial Copy

Publisher: Ankit Khanna - 03:22

Busy Software ver 14.0 Release 3.2

ProductRelease Information

From	:-	Mktg Deptt	To	:-	All
Product	:-	BUSY	Version	:-	14 (Rel 3.2)
Compilation Date	:-	22.04.2014	Document Date	:-	22.04.2014

 Download 30-Days Trial Copy

Statutory Changes

1. Minor changes in Chhattisgarh e-Requisition.

2. Minor changes in Himachal Pradesh e-Requisition.

3. Minor changes in Rajasthan e-Requisition, VAT-10 & e-Return.

4. Jammu & Kashmir e-Return as per new template.

5. Delhi VAT e-Return (2A) as per new format.

6. Punjab VAT Payment Challan printing provided.

7. List of ‘Service Tax Categories’ enhanced and a few more categories provided.

Minor Changes

1. Changing FY and carrying balances to New Year was taking a lot of time in case of heavy data.  Now speed improved.

2. Provision made to specify DHS user details as command line parameter (DHS=user; password).

3. Importing Sales/Purchase Orders from Excel, option ‘Skip Zero Qty. Items’ was being shown whereas it was not required.  Now this option will be removed in case of Sales/Purchase Orders.

Publisher: Ankit Khanna - 03:20

Busy Software ver 14.0 Release 2.6

Bugs Removed

1). POS data entry mode, generating Challan/Invoice from Order, item-wise parameterised details was not being picked up. Now problem rectified.

2). Material Issue/Receipt voucher for Job work and Material Centre being maintained at item level, while changing Material Centre for an item, the item price was not getting changed as per the new Material Centre. Now problem rectified.

3). Dual user mode and multiple BUSY instances on client computer, only first BUSY instance was being run in security checked mode. Other instances were running in demo mode.Now problem rectified.

4). State Chhattisgarh’s spelling was not correct. Now corrected.

5). Data Export/Import in XML format,Supplier Type field in excise information was not getting exchanged. Now problem rectified.

6). Softlock registration;if country of installation was picked using mouse,the installation details window was getting disabled and focus was being shifted back to Serial no. Now problem rectified.

7). While merging items, Quotation/Order/Challan vouchers were not getting merged and an error was being generated.Now a message will pop up indicating that Quotation/Order/Challan vouchers won’t be merged and no error will be generated.Busy BIPL Product Release Information 3

8). Balance Sheet for a branch, sometimes on <ENTER> values were not getting matched with Balance Sheet figures. Now problem rectified.

9). User configuration, menu Batch/Parameter/Serial No./MRP-wise details was being shown as Batch-wise details only. Now problem rectified.

10). Amount Receivable/Payable report filtered for branch was showing incorrect values. Now problem rectified.

11). Interest Calculation on Product Basis was not working properly for Nepali Date. Now
problem rectified.

12). Item description in Job Work vouchers was not being saved. Now problem rectified.

13). Feeding Item Serial Nos. from Misc. Utilities,if F2 key was pressed for along time while saving details for a voucher, sometimes item entries in voucher were getting duplicated or an error was being generated. Now problem rectified.

14). Stock a geing report, sometimes an error was being generated if current logged in user was con nected with a branch. Now problem rectified.

15). Challan Reversal for Purchase Challan, item Sales Price was being picked instead of Purchase Price. Now problem rectified.

16). Item-wise mark-up enabled and VAT Bill Sundry to be calculated on item list price (without mark-up) was not working properly in VAT/(R) & VAT/(T) tax types. Now problem rectified.

17). Printing multiple copies of Production voucher, from second copy onward title ‘Items Generated’ was being printed as ‘Items Consumed’. Now problem rectified.

Busy Software ver 14.0 Release 2.6 Bugs Removed Information

Publisher: Ankit Khanna - 21:10

Busy Software ver 14.0 Release 2.6

Statutory Changes

1). Minor changes in Botswana VAT return.
2). Botswana VAT Registers provided.
3). Minor changes in Haryana VAT Form C-4.
4). Minor corrections in Haryana Form LP-3.
5). Minor changes in Haryana Form Requisition (List of Transactions) report.
6). Minor changes in Punjab VAT 15,16 & 20 related to Entry Tax amount.
7). Delhi VAT Form-1(R10) provided.
8). CST e-Return menu was being shown by mistake for Punjab state. Now menu removed.
9). Minor changes in Delhi VAT 2A,2B,2D& e-Return.
10). Goa CST Form-1 along with e-Return provided.
11). Goa List of Form-C e-Return provided.
12). Puducherry Annexure 4 & 5 as pernew format.
13). Minor changes in Uttarakhand Form3 & e-Return.
14). Minor changes in Chhattisgarh C-Form e-Requisition.
15). Minor changes in Jammu Form-11 & e-Return.
16). UP VAT report menus were not proper if Entry Tax was enabled. Now problem rectified.
17). Minor changes in UP VAT Challan printing related to surcharge payment.
18). Minor corrections in West Bengal Form-14.
19). Minor correction in Party-Item VAT Summary reports related to VAT Surcharge.
20). Minor corrections in generic VAT Sales & Purchase registers.
21). Excise Return ER-3 as per new format.
22). Minor correction in Excise ER-1 printing.

Publisher: Ankit Khanna - 20:50

Busy Accounting Software Cloud Backup

Busy software is a one stop solution to all your financial accounting needs.

 

How it works

Evault SaaS centralises the backup and recovery of data on all computers distributed throughout your organisation's headquarters, branch offices, and even laptops. Agents automatically back up your data over the Internet to a highly secure data centre. You monitor and manage everything within a web browser. Recovery is just as easy: When you need to restore data, simply navigate to it via an intuitive interface, then click. EVault Reports provide details about the status of your backups.

Optimised performance, using advanced compression and data de-duplication

 Front end data de-duplication is accomplished through Evault's DeltaPro™ technology, which ensures that only new and changed blocks of data within files are sent to storage, decreasing backup times and reducing storage footprints. Back end data de-duplication streamlines storage by eliminating redundant blocks of data within backup jobs, further decreasing storage footprints without compromising performance, and scalability. Compression technology and bandwidth throttling maximize backup transfer speed and reduce impact on productivity.

Publisher: Ankit Khanna - 20:12

Busy Accounting Software Technical Support

Technical Support

Busy Software has not only established itself as the best value business management software preferred by businesses of all sizes, but has come to be known for the excellent technical support provided to its customers.

It is said that only those companies, who own a stable and trouble-free product, can provide prompt and efficient after-sales support to their clients.

Contact Us

General Information : info@busy.in Channel Sales : channel@busy.in End-User Sales : sales@busy.in Technical Support : support@busy.in Accounts & Finance  : accounts@busy.in Human Resource (HR) : hrd@busy.in BUSY Academy : academy@busy.in Support Helpline : +91-11-46994605 (8 Lines) Busy Infotech Pvt. Ltd. Delhi (Head Office)206, M.G. House,  2, Community Centre,  Wazirpur Industrial Area, Delhi - 110 052 Phones : +91-11-27375062 +91-11-27376063 +91-11-27377064 Mobile : +91-85109-93939 Fax : +91-11-27374358 E-mail : info@busy.in

Publisher: Ankit Khanna - 12:18

KEY FEATURES OF BUSY ONLINE ACCOUNTING SOFTWARE

advantages of using BUSY Data server are:


No technical expertise required in setting up and maintaining Data Server.
Saving in the cost of setting up and maintaining the Data Server.
No need to worry about data backup / security.

Publisher: Ankit Khanna - 19:56

Busy Accounting Software - Item Bar Code (IBC)

Busy Software also serves as a barcode generator and barcode printing software.

Item Bar Code Printing is an additional feature within BUSY Business Accounting Software which picks item data from BUSY (from the items already entered) or from an Excel sheet and prints Bar Codes on any Windows compatible printer. With the help of Item Bar Code Printing Add-On, you can configure Bar Code Labels/Stickers as per your requirements and print the same. Bar Codes can be printed for One Item (Multiple Copy), Group of Items and All Items.


On clicking the Item Bar Code Printing option, the program reads the dongle information. If you have purchased Item Bar Code Printing Add-On then the program will start in Licensed mode otherwise it will start in Demo mode.


Item Bar Code Printing window appears irrespective of the mode (Demo or Licensed) you are using. But if you are using a Demo mode then you will not be able to make full use of all the features. For example in the Demo mode, with the option of Print Bar Code Labels, you can print Bar Codes for first ten items only and the same Bar Codes will be printed repeatedly on repetition of Print command.

Given here is a screenshot of Item Bar Code Printing window.

Let us discuss the options given in the above screenshot in detail.

Configure Bar Code Labels

With this option you can configure the settings of Bar Code Labels/Stickers. You can create different formats by setting different configurations. The need for creating different formats can be well explained with the help of an example. ABC Limited Company deals in different types of items of different size. The company wants to put bigger labels on items contained in bigger boxes and smaller labels on items contained in smaller boxes. Hence for this purpose it can create different formats for different types of labels and can further print labels according to the selected format. Once the format is added, the next step is to set the configuration for the format.
You can add, configure, modify and delete a format by using the Select Format window. You can also read/write data from Configuration file through this window. This window appears on clicking the Configure Bar Code Labels option.

Given here is a screenshot of Select Format window.

Let us discuss various buttons in the Select Format window in detail.
Add Format
Modify Format
Delete Format
Configure Format
Read Config Data From File
Write Config Data To File

Add Format

Click this button to add a new format. On clicking this button, an Add Format sub group appears in the Select Format window in which you can specify the name for the format.

Modify Format

Click this button if you want to modify the name of a format. On clicking this button, a Modify Format sub group appears in the Select Format window in which you can change the name of the selected format.

Delete Format

Click this button if you want to delete a particular format. On clicking this button, a Delete Format message box appears asking your permission to delete the format. Click the Yes button in the message box to delete the selected format.

Configure Format

Configure Format button is used to configure a format for Bar Code printing. To use this option, select a format from the list on the left-hand side of the window and click the Configure Format button.
On clicking the Configure Format button, a Data Configure (Item Bar Code) window appears. Given here is screenshot displaying Data Configure (Item Bar Code) window.

BUSY Data

If you want to pick Bar Code values from the data fed in BUSY, select the BUSY Data option from the list. On selecting the Busy Data option from the list, various fields get activated. Given here is a screenshot displaying fields that get activated after selecting Busy Data as source for picking Bar Code values.

The above screenshot has been divided into five sub windows.
- Page Settings
- Label Settings
- Bar Code Settings
- Header Settings
- Footer Settings
Before discussing the fields used in above screenshot, given here is a graphic that will help you in setting different formats for configuration of Bar Code labels. The graphic shows details of all the fields being asked in Data Configuration window. With the help of this graphic you can easily set the format for configuration of Bar Code labels.

Publisher: Ankit Khanna - 19:40