FVU Ver. 6.2 has been released on 12th May 2019. This FVU is primarily based on the new changes in Annexure II (Salary Details) of Form 24Q-Q4 as per Notification No. 36/2019 applicable with effect from financial year 2018-19 (AY:2019-20)
Major changes include additional information related to breakup of salary, details of exemptions u/s 10 & deductions under Chapter VIA, etc.
Synopsis of the changes as per the reporting format is as under:
| Sl. | New Annexure II (Form 24Q-Q4) | Old Annexure II (Form 24Q-Q4) |
| 1 | Break of Salary under columns – 17(1) – Salary – 17(2) – Perquisites – 17(3) – Profits in lieu of Salary | No provision |
| 2. | Breakup of Exemption u/s 10 – Travel Concession u/s 10(5) – Death / Retirement Gratuity u/s 10(10) Commuted Pension u/s 10(10A) – Cash Equivalent / Leave Encashment u/s 10(10AA) – House Rent Allowance u/s 10 – Other Exemptions u/s 10 (not covered above) | No provision |
| 3. | Total Salary [Net of Sl. 1 – Sl. 2] | Net value of Total Salary (earlier, this value was the beginning of the Annexure II) |
| 4. | Deductions u/s 16 – Standard Deduction u/s 16(ia) – Entertainment Allowance u/s 16(ii) – Tax on Employment us/ 16(iii) | Deductions u/s 16 – Entertainment Allowance u/s 16(ii) – Tax on Employment us/ 16(iii) |
| 5. | Salary – Current Employer (Sl. 3 – Sl. 4) | Salary – Current Employer (Sl. 3 – Sl. 4) |
| 6. | Salary – Previous / Other Employers | Salary – Previous / Other Employers |
| 7. | Total Salary Income (Sl. 5 + Sl. 6) | Total Salary Income (Sl. 5 + Sl. 6) |
| 8. | Any other income reported by Employee – Income (or admissible loss) from house property – Income under Other Sources (Total of above is the Income from sources other than Salaries) | Any other income reported by Employee One consolidated value for Income from sources other than Salaries |
| 9. | Gross Total Income (Sl. 7 + Sl. 8) | Gross Total Income (Sl. 7 + Sl. 8) |
| 10. | Deductions under Chapter VIA – Total deduction u/s 80C – Deduction u/s 80CCC – Deduction u/s 80CCD(1) [sum total of above three should be maximum Rs. 1,50,000] – Deduction u/s 80CCD(1B) – Deduction u/s 80CCD(2) – Deduction u/s 80D (Health Insurance) – Deduction u/s 80E (Interest of Education Loan) – Deduction u/s 80G (Eligible Donations) – Deduction u/s 80TTA (Interest on Savings A/c) – Other Deductions not covered above Sum Total of Deductions under Chapter VIA | Deductions under Chapter VIA – One consolidated amount for 80C, 80CCC, 80CCD(1) – limited to Rs. 1,50,000/- – One consolidated amount for all other deductions Deductions under Chapter VI – sum total of the above figures |
| 11. | Total Taxable Income (Sl. 9 – Sl. 10) | Total Taxable Income (Sl. 9 – Sl. 10) |
| 12. | Tax on Income (without Rebate u/s 87A) | No provision |
| 13. | Rebate u/s 87A | No provision |
| 14. | Tax on Income – after Rebate (Sl. 12 – Sl. 13) | Tax on Income – after Rebate |
| 15. | Surcharge & H&E Cess (on tax after rebate) | Surcharge & H&E Cess (on tax after rebate) |
| 16. | Tax Payable (Sl. 14 – Sl. 15) | Tax Payable (Sl. 14 – Sl. 15) |
| 17. | Less: Relief u/s 89 | Less: Relief u/s 89 |
| 18. | Net Tax Payable (Sl. 16 – Sl. 17) | Net Tax Payable (Sl. 16 – Sl. 17) |
| 19. | TDS – Current Employer | TDS – Current Employer |
| 20. | TDS – Previous / Other Employers | TDS – Previous / Other Employers |
| 21. | Total TDS (Sl. 19 + Sl. 20) | Total TDS (Sl. 19 + Sl. 20) |
TDSMAN is updated with all the changes and is fully compliant to the new FVU.