The Income Tax Department has released the following File
Validiation Utilities(FVUs) for the purpose of TDS Returns which has 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
Significant changes have been announced in FVU Ver. 3.8
that would be applicable for financial year 2013-14. Some of 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.
Many deductors are still facing problems owing to this
new FVU version 3.8 as most of the software has still not been updated in
compliance with the announced changes.
It is indeed remarkable that TDSMAN software has been one of
the first to be fully compliant with the newly released File Validation Utility
FVU 3.8. They have released their updated software on 3rd July 2013 and it
takes care of all these changes enabling the TDS returns to get validated with
these new FVUs.
Therefore,
it is recommended to use TDSMAN software
for smooth filing of TDS returns. The software is very nicely integrated with the TRACES and
NSDL website. The online PAN verification system in TDSMAN is really very
useful.
Some of the important features of TDSMAN Software are:
- · Supports unlimited deductors / companies, deductees, employees.
- Preparation of eTDS & eTCS returns for Forms 24Q, 26Q, 27Q, 27EQ.
- Auto-generation of Form 16, 16A, 27A, 27B, 27D.
- Printing of TDS, TCS certificates - 16, 16A, 27D.
- Interface for online PAN verification.
- Fully Integrated with TRACES (download of TDS file, Form 16A, Form 16 – Part A, Defaults report, Viewing of TDS/TCS credit etc…).
- Automatic population of data for TRACES requests.
- Updated with latest structure introduced for FVU 3.8 onwards.
- Covers FY:2013-14 and earlier years upto 2005-06.
Study Café has negotiated a special discount of 10% on
TDSMAN Software (FY: 2013-14) for its subscribers.
Click here to buy TDSMAN Software (FY: 2013-14) for Rs. 2,700/- only (MRP: Rs. 3,000/-)
Click here to download the
free trial version of TDSMAN Software
Click here to view the Video Demonstration of TDSMAN Software
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