The Income Tax Department has released a new version of the File Validation Utility (FVU) to validate TDS / TCS returns before submission. This version addresses some of the errors in the previous version. This updated version would address the following:
Restrictions in Correction Statement
- Correction Statements for TDS / TCS can only be filed for a specified number of financial years based on the financial year where the Regular Statement was due to be filed.
- For Q1, Q2 & Q3 Corrections Statements can be filed within six financial years. For Q4, corrections can be filed within seven financial years.
- This change was applicable from 1st April, 2025 and will apply to all forms – 24Q, 26Q, 27Q & 27EQ.
- Illustrations:
- TDS Return for FY: 2019-20 (Q2) – Corrections can be filed till 31st March, 2026
- TDS Return for FY: 2018-19 (Q4) – Corrections can be filed till 31st March, 2026
- TDS Returns before FY: 2018-19 (Q1-Q3) – Corrections cannot be filed
- TDS Returns before FY: 2017-18 (Q1-Q3) – Corrections cannot be filed
Introduction of Section 194T
- New Code 194T has been introduced – Payment of Salary, Remuneration, Commission, Bonus or Interest to a Partner of a Partnership Firm / LLP
- Applicable ‘Remarks’ values are ‘Y’ for threshold and ‘C’ for higher rate
- This applies for Statements pertaining to FY: 2025-26, Q1 onwards
Click here to read the original document
TDSMAN has been fully updated with newly released File Validation Utilities.
To update TDSMAN – Click on Utilities > Update Software
TCS RETURN FVU FILES NOT GENRATED THROUGHT TDS MAN , ERRO T-FV-2232
This error is generated from the FVU Utility provided by the IT Department. The Token No. is incorrect. Please check with the original document and make corrections and again revalidate the Return.
For new code 194T Applicable ‘Remarks’ values are ‘Y’ for threshold and ‘C’ for higher rate. But not able to save deduction records with Remarks as NORMAL in TDSMan software
This has been done based on the documentation provided by the IT Department. However, the point which has mentioned by you is quite valid. We will surely seek clarification from the Dept.
The section 194T is applicable from FY: 2025-26 – Q4. As such we have enough time to get this clarified and sorted out.