On 29/06/2013, the Income Tax Department has released the following File Validation Utilities for the purpose of TDS Returns which would become applicable from 1st July 2013:
FVU Ver. 3.8 – Applicable from FY: 2010-11 onwards
FVU Ver 2.134 – Applicable from FY: 2007-08 till FY: 2009-10
For Fy 2006-07 or earlier financial years, eTDS returns (both regular and correction) will not be validated/filed any further. Major structural changes have announced in FVU Ver. 3.8 that would be applicable for financial year 2013-14.
Highlights of some these changes include:
§ Section Code has been removed from Challan and shifted to Deductee / Collectee Details – this implies that one can now deposit TDS against different sections through one Challan instead of separate Challans for each Section.
§ Minor Head Code to be provided in Challan details – This code will differentiate between the payment against self-assessed TDS / TCS and demand raised by Income Tax authorities.
§ Introduction of Late Fee in Challans – As per the recently introduced Section 234E there is now a provision for Late Fee for delay in filing of TDS / TCS returns. Now the Challan will include the additional column for this Late Fee.
§ In Form 24Q (Salary Returns), a new Section 92C has been added which is for payment made to Union Government employees.
§ In Form 26Q (Non-Salary Returns), the existing Section 194I (Rent Payment) has been split into two sections 194I(a) and 194I(b) – Rent on Plant & Machinery and Rent on Land & Building as the rate of TDS is different for these two type of rent payments.
§ In the annual salary details (Applicable in Form 24Q – Q4), now there is a provision for breakup of salary paid and tax deducted by the current employer and previous employers during the current financial year.
§ In Form 27Q (Non-Salary Foreign Remittances), new columns has been added in the Deductee details.
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Tarun Kumar Gupta
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