New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements has been released on 18th November 2022 by the Income Tax Department.
This new FVU now covers validation of the new sections 194S (TDS on virtual Digital Assets) and 194R (TDS on benefit of perquisite of a business or profession). It also includes TDS u/s 194B-P, 194R-P & 194S-P wherein the benefit or payment is in kind or in exchange, as the case may be.
The key features of this FVU is summarized as under:
FVU Version 7.9 – Applicable for quarterly TDS/TCS statement pertaining to FY 2010-11 onwards.
FVU Version 2.175 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to FY 2009-10.
CBDT announced 5 new TDS sections under annexure I of Form 26Q. Changes are as summarized:
| Section | Nature of payment (description to be populated for this section code in RPU | Section code to be used in statement
i.e. value to be populated in text file |
| 194S | Payment of consideration for transfer of virtual digital asset by persons other than specified persons | 94S |
| 194R | Benefits or perquisites of business or profession | 94R |
| 194B-P | Winnings from lotteries and crossword puzzles where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such
winnings are released |
4BP |
| 194R-P | Benefits or perquisites of business or profession where such benefit is provided in kind or where part in cash is not sufficient to meet tax liability and tax required to be
deducted is paid before such benefit is released |
4RP |
| 194S-P | Payment for transfer of virtual digital asset where payment is in kind or in exchange of another virtual digital asset and tax required to be deducted is paid before such payment
is released |
4SP |
TDSMAN has been fully updated with newly released File Validation Utilities
To update TDSMAN – Click on Utilities > Update Software
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