FVU 5.5 & FVU 2.151 released by NSDL

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The Income Tax Department has released today (16th June, 2017), the following new File Validation Utilities:

  • FVU version 5.5 – For statement pertaining to FY 2010-11 onwards
  • FVU version 2.151 – For statement up to FY 2009-10

Click here to view the key features of FVU version 5.5
Click here to view the key features of FVU version 2.151

TDSMAN will incorporate new FVU versions and will be released within 19th June, 2017.

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Key Features -File Validation Utility (FVU) version 5.5

  • Change in validation for the field “PAN of Lender” for form 24Q-Q4 under Annexure II (i.e. Salary details) from F.Y. 2016-17 onwards:
    Existing Validation of structurally valid PAN for field no. 51, 53, 55 and 57 have been relaxed. These fields may contain below mentioned values along with structurally valid PAN, only when PAN of the lender is not available.
  1. GOVERNMENT: This is applicable when lenders are Government organizations (i.e. Central or State).
  2. NONRESDENT: This is applicable when the lenders are Non-Residents.
  3. OTHERVALUE: This is applicable when the lenders are other than Government organization and Non-Residents.
  • Addition of new section code for Form 26Q.
    New section code “194IC – “Payment under specified agreement” has been added for Form 26Q. It is applicable for Regular and C3 type of Correction Statement i.e ‘Update/delete /add deductee details’ pertaining to FY 2017-18 onwards.
  • Change in validation for section code “194D – Insurance and Commission” for Form 26Q:
  1. Remark ‘B’ is made applicable under this section which represents either no deduction or lower deduction.
  2. The same is applicable for regular and C3 type of correction Statement pertaining to FY 2017-18 onwards.
  • Change in validations for section code 206CC (i.e. “Collection at source from Timber obtained by any mode other than a forest lease”) for Form 27EQ.
  1. Remark “C” (i.e. for higher rate deduction) is made applicable only for this section.
  2. “C” remark is only allowed when the values ‘PANAPPLIED’, ‘PANINVALID’ or ‘PANNOTAVBL’ are present in the field ‘PAN of Deductee’.
  3. In such case, total TDS amount has to be 5% or more of in the field “Amount of receipt / debited”.
  4. The above referred validations are applicable for Regular and Correction statements pertaining to FY 2017-18 onwards.
  • Verification of latest FVU version at the time of validation of e-TDS/TCS statement.
  1. The Challan Status Inquiry (CSI) file downloaded from TIN website will contain the current FVU version.
  2. While validating e-TDS/TCS statement through RPU, verification of FVU versions (i.e. the FVU version present in the CSI file and the version of FVU used for validation) will take place and in case of mismatch, the FVU will not allow user to validate the file and will display an error message ‘This is old FVU version, please use the latest FVU version available at www.tin-nsdl.com and validate the file. File Validated with old FVU version will not be accepted’.
  • This version of FVU is applicable with effect from June 9, 2017.
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Key Features – File Validation Utility (FVU) version 2.151

  • Verification of latest FVU version at the time of validation of e-TDS/TCS statement.
  1. The Challan Status Inquiry (CSI) file downloaded from TIN website will contain the current FVU version.
  2. While validating e-TDS/TCS statement through RPU, verification of FVU versions (i.e. the FVU version present in the CSI file and the version of FVU used for validation) will take place and in case of mismatch, the FVU will not allow user to validate the file and will display an error message ‘This is old FVU version, please use the latest FVU version available at www.tin-nsdl.com and validate the file. File Validated with old FVU version will not be accepted’.
  • This version of FVU is applicable with effect from June 9, 2017.
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Section 194IB – TDS on Rent (for Individuals & HUF)

Effective from 1st June 2017, individuals & HUF not covered under tax audit would be subjected to deduct tax at source for rent payments if it is Rs. 50,000 or more per month.

Salient features:

  • Applicable only to individuals & HUF who are not under tax audit (under section 44AB)
  • This section is applicable from 1st June 2017
  • Tax Account Number (TAN) not required for the deductor
  • Applicable to monthly Rent of Rs. 50,000/- or above
  • TDS @ 5% if rent receiver is holding PAN, or otherwise TDS would be @ 20%
  • Deduction of Tax is to done in the last month of previous year (i.e. March) or in the month when the premises is vacated
  • Deposit to be made within 30 days from the end of month when tax was deducted. As an illustration, if deduction was in March, it should be deposited by 30th April or if deduction was in December, it should be deposited by 30th January.
  • The deducted tax is to be deposited in the newly introduced Form No. 26QC through electronic means to one of the authorized banks
  • TDS Certificate (Form 16C) is to be issued

Relevant resources:

Section 194IB

Notification dated 8th June 2017 with formats of Form No. 26QC & Form No. 16C

What is form26QC?

What is form 16C?

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