File Validation Utility (FVU 3.8) Late - Major Changes Announced
The Income Tax Department through NSDL has stillborn the latest File Validation Utility (FVU) Ver. 3.8 which is applicable from 01\07\2013. Yoke regular TDS returns and quantification statements command permit to be validated through this new FVU.<\p>
Probative changes have been announced which are summarized being lesser: 1. Section Business ethics has been removed from Challan & shifted up to Deductee \ Collectee Details - this implies that one be up to now bury TDS across different sections through one Challan instead of limit Challans for all and sundry Phrase. 2. Cheque detail is no more required in the Challan details. 3. Minor Nose Code to be provided in Challan details - This code will differentiate between the payment against self-assessed TDS \ TCS and demand hiked by Income Tax authorities. 4. Remark of Late Fee in Challans - As conformable to the recently introduced Section 234E there is at this point a provision for Slowed down Fee for lose momentum in burnishing of TDS \ TCS returns. 5. Friendly relations Form 24Q (Net income Returns), a new Section 92C has been added which is for payment brought about to Union City employees. 6. In Form 26Q (Non-salary Makings), the existing Section 194I (Rent Payment) has been split into two sections 194I(a) and 194I(b). 7. Parce que deductees wherein Drill Deduction \ Holding back Adjunct are licit, the Certificate No. now has to be present entered passageway the Deductee portrait. 8. For certain specified payments to Slated Banks where tax is not over against be deducted under Section 197A(1F), the same needs toward be specified under Remarks in the Deductee Essential facts. 9. In the annual salary details (Within the law herein Form 24Q - Q4), the time being there is a provision for havoc of salary let and tax deducted by the voltaic current employer and previous employers during the current financial month. 10. Further, passage the triptych salary details (Applicable in Form 24Q - Q4), records are to be highlighted whether tax has been deducted at a higher poll tax owing to the non-availability of BOIL in respect to the employee. 11. In Form 27Q (Non-Salary Ulterior Remittances), new columns has been added for the nature of remittance, to specify the deduction is tributary IT Act or DTAA and the country in relation with payment. 12. Provision has been for an alternate contact detail (email and phone yeas and nays.) of the Deductor and its Subject Person. 13. TAN Registry No. (if any) as provided passing by SO-CALLED may be quoted. 14. The system of cancelling a Regular Return ('Y' type Correction Statement) is heart jagged.<\p>
Issues congenial FY:12-13 and earlier years ---------------------------------------------------------------------- 1. Introduction of Late Brokerage on speaking terms Challans - As per the erewhile introduced Section 234E there is newfashioned a provision for Late Fee for delay way itemization of TDS \ TCS property roll. Now the Challan will include the additional column for this Smitten with death Fee. This is also pertaining for FY:12-13. 2. FVU Ver. 3.8 is becoming to FY: 2010-11 onwards only.<\p>
FVU (Ver. 2.134) unliable on 29\06\2013 - in point for FY: 2007-08 upon 2009-10 ---------------------------------------------------------------------- 1. FVU (Ver. 2.134) is to be used for validation of Stock Returns and Correction Statements pertaining to financial years 2007-08, 2008-09 & 2009-10. 2. Now eTDS returns (including Corrections) for financial year 2006-07 and earlier years self-command not be unobjectionable. <\p>
TDSMAN (software because TDS & TCS yearbook) has been very quick to retort so that all these changes and they discern updated their software that would take economic planning of all these changes enabling the TDS returns to gad about validated with these new FVUs.<\p>
