TDSMAN Blog

smart & easy software for eTDS & eTCS returns

TDSMAN Blog - smart & easy software for eTDS & eTCS returns

Duties of TDS Deductors

Deduct Tax at Correct Rate and deposit in Government Account – Sec 200

Every person responsible for deducting tax at source shall at the time of payment or credit of income, whichever is earlier, verify whether the payment being made is to be subject to deduction of tax at source. If it is so, he must deduct such tax as per the prescribed rates. Further he is required to deposit such tax deducted in the Central Government Account within the prescribed time as specified in Rule 30.

Issue a TDS certificate

Further, such person is required to issue a certificate of tax deduction at source u/s 203 to the person from whose income the TDS has been done, in the prescribed proforma i.e. Form No.16A within prescribed time(as discussed earlier).

File Prescribed Return/Quarterly Statement

A return of TDS is a comprehensive statement containing details of payments made and taxes deducted thereon along with other prescribed details. For deductions made prior to 01.04.2005 earlier every deductor was required as per the provisions of Section 206 (read with Rule 36A and 37) to prepare and deliver an annual return, of tax deducted at source. However w.e.f. 01.04.2005 there is no requirement to file annual returns and instead Quarterly statements of TDS are to be submitted in form 26Q by the deductors.

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TDSMAN updated with new FVU ver. 4.7 & FVU ver. 2.143

TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.7 and FVU ver. 2.143)

All licensed and trial users are advised to update the software and File Validation Utility from the Utilities menu provided in the software in order to process the TDS returns.

FVU ver 4.7 – For statements pertaining to FY 2010-11 onwards.
FVU ver 2.143– For statements pertaining to FY 2007-08 to FY 2009-10.

Click here to view the key features of FVU version 4.7
Click here to view the key features of FVU version 2.143

 

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FVU 4.7 and FVU 2.143 released by NSDL

The Income Tax Department has released the following new File Validation Utilities:

FVU version 4.7 – For statement pertaining to FY 2010-11 onwards.

FVU version 2.143 – For statements pertaining to FY 2007-08 to FY 2009-10.

Click here to view the key features of FVU version 4.7
Click here to view the key features of FVU version 2.143

TDSMAN will incorporate new FVU versions and will be released latest by 25th June, 2015.

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Key Features of File Validation Utility (FVU) version 2.143

  • Remark “T” (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q).
  • Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).
  • This version of FVU will be applicable with effect from June 20, 2015.
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