Synopsis of changes – File Validation Utility (FVU) Ver. 6.2

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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.

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Major Changes in Salary TDS Returns – Form 24Q

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Recently vide its Notification No. 36/2019 by the Income Tax Department has substantially modified the format of Part B of Form 16 (Salary TDS Certificate given to Employees) with effect from FY:18-19. Correspondingly, the information to be provided by the employer in Annexure II of Form 24Q-Q4 (Salary Details – providing tax computation of each employee) has also been changed. This comes into effect for all Salary TDS Returns (Form 24Q) for FY:2018-19, Quarter 4.

Objective of the Department seems to consolidate information pertaining to the most frequently exercised exemptions & deductions being considered while determining the taxable income.

Major changes include:

  • Break up of Salary and details of exemptions u/s 10 to determine the Total Salary (earlier  only Total Salary had to be provided)
  • Standard Deduction u/s 16(1a) has been included (this is new provision applicable from  FY-18-19 onwards)
  • Break up of Other Income (Other than Salary) – in two broad heads; Income / Loss from House Property and any other Income clubbed together (earlier this was one consolidated value)
  • Detailed breakup of deductions under Chapter VI (earlier it was only in two broad      categories – all sections with a consolidated cap of Rs. 1,50,000 and rest of the sections all    together)

The new File Validation Utility Ver. 6.2 has been launched on 12th May 2019 that needs to be used for validating the modified format for submission of TDS Returns.

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Healthy Practices for Error-Free TDS Returns

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Healthy practices for error-free TDS returns has been given below: 

  1. Deduction/ Collection of Tax at Correct Rates.
  2. Timely Deposit of Tax Deducted at Source.
  3. Accurate Reporting of data related to tax deductions/ collections made.
  4. Submission of TDS Statements within the due dates.
  5. Verification and Issuance of TDS Certificates within time.
  6. CPC (TDS) is now sending Intermediate Default Communication for PAN Errors and Short Payments, which can be corrected during the interim period of a week of filing TDS Statements before CPC (TDS) proceeds with computing Defaults for the relevant statement.
  7. User-friendly Online Correction facility can be used for Correction of Deductees, Tagging Unmatched Challans and Payment of Fees/ Interest. (Please navigate to Defaults tab to locate Request for Correction from the drop-down menu. For any assistance, please refer to the e-tutorial available on TRACES).
  8. Aggregated TDS Compliance Report assists the PAN of the Deductor to administer TDS Defaults for associated TANs and to take appropriate action.
  9. The Deductor’s Dashboard provides you with all necessary information to assist you in Compliance Self-Assessment and to take appropriate action.
  10. Non-filing Self-declaration can be made by navigating to Statements / Payments menu and submit details under Declaration for Non-Filing of Statements.
  11. PAN Verification and Consolidated TAN – PAN File facility on TRACES can be used for verifying the deductees.
  12. The Conso Files and Justification Reports downloaded from TRACES help you to identify errors in submission of revised Quarterly TDS Statements.
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FVU 6.2 & FVU 2.158 released by NSDL

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The Income Tax Department has released on 12th May 2019, the following new File Validation Utilities:

  • FVU version 6.2 – For statement pertaining to FY 2010-11 onwards
  • FVU version 2.158 – For statement up to FY 2009-10

Click here to view the key features of FVU version 6.2 & FVU 2.158

TDSMAN will incorporate new FVU versions and will be released by tomorrow (14th May 2019).

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