FVU 4.2 and FVU 2.138 released by NSDL

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The Income Tax Department has released the following new File Validation Utilities on 26th April, 2014:

FVU version 4.2-For Statements pertaining to FY 2010-11 onwards.
FVU version 2.138-For Statements upto FY 2009-10.

These two FVU versions are mandatory with effect from April 26, 2014.

Click here to view the key features of FVU version 4.2
Click here to view the key features of FVU version 2.138

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Key feature of FVU version 2.138

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Nil challans in TDS/TCS Statements will be permitted with no deductee records for Form 24Q Q4:

The validations with respect to Nil challan statements have been relaxed for Form 24Q Q4 for all financial years. Deductors will be permitted to submit Form 24Q Q4 for all Financial Years with NIL challans and no corresponding deductee records.  

Applicability of FVU version:

From April 26, 2014, FVU version 2.138 would be mandatory for statements pertain to FY 2007-08 to FY 2009-10.

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Key feature of FVU version 4.2

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Nil challans in TDS/TCS Statements will be permitted with no deductee records for Form 24Q Q4:

The validations with respect to Nil challan statements have been relaxed for Form 24Q Q4 for all financial years. Deductors will be permitted to submit Form 24Q Q4 for all Financial Years with NIL challans and no corresponding deductee records.   

Validation for TDS amounts in case of higher deduction flag for Form 24Q pertaining to FY 2010-11 onwards:

In case deductor has provided flag for higher rate of deduction i.e., C in the TDS statement Form 24Q, the TDS amount for such deductee records should not be less than 20% of the amount paid/credited. This validation is also applicable for correction statement wherein new records are added. The same will not apply for those correction statements where deductee records are being updated.

Example: In case the deductor has provided higher deduction flag as C due to non-availability of PAN and the amount paid/credited is `10,000/-, the corresponding TDS amount deducted for this record should not be less than `2,000/ (20% of `10,000). 

Validation for field Form 15CA Unique Acknowledgement Number (if available) in Annexure I of Form 27Q applicable for FY 2013-14 onwards:

Validation for the field Unique acknowledgement of the corresponding Form no 15CA (if available) in Annexure I has been modified to permit any alpha-numeric value between 12 to 15 characters in the Form 27Q statement. 

Applicability of FVU version:

From April 26, 2014, FVU version 4.2 would be mandatory for statements pertain to FY 2010-11 onwards.

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Online TDS Statement Correction without Digital Signature at TRACES

CPC (TDS) has provided new enhanced features, to further add to the convenience of online facility of filing corrections to the TDS Statements. With this feature, you will be able to submit Online Corrections at TRACES without even having a Digital Signature. Currently over 20,000 deductors are already using the online facility for corrections.

To avail the facility, it is requested to Login to TRACES and navigate to Defaults tab to locate “Request for Correction from the drop-down list. Click to Proceed in absence of Digital Signature.

Pre-requisites for filing online Corrections:

  • Digital Signature is not mandatory to be registered on TRACES for raising online corrections.
  • Only Challan Correction is permissible in absence of Digital Signature. Digital Signature enables you to carry out PAN Corrections as well.
  • Correct KYC information needs to be submitted for the purpose of validation.
  • Online request can be submitted, only if there is a regular statement already filed and processed.
  • All previous corrections pertaining to the statement should have been processed and the processing status can be verified from the Dashboard.

Functionalities available without Digital Signature:

Challan/BIN Correction

  • A list of all Matched and Unmatched challans can be viewed by clicking the appropriate tab.
  • Matched challans can be corrected for Amount Claimed as Interest and Others. Please note that Matched challans cannot be tagged.
  • Unmatched challans can be corrected and tagged to Deductee rows in the statement.
  • In addition, NO CHALLAN, which has been used for other purposes outside the system, should be tagged.
  • The corrections to above challans can be reset by clicking the Reset tab, if this requires to be further corrected.

Additional Functionalities available with Digital Signature:

 PAN Correction

  • Invalid to Valid PAN: The correct name of the Valid PAN will be displayed in Name as per changed PAN.
  • Valid to Valid PAN: If the new PAN entered is Invalid, a message is displayed in the Action Status. Please note that there is only one opportunity for a Valid to Valid PAN correction.
  • All the corrected rows can be viewed by clicking on Show Edited Rows on the screen.

Action Summary:

  • After carrying out all the corrections, Action Summary can be referred for all changes carried out.
  • Please click Confirm for all intended changes and the statement is ready for submission.

Actions to complete Submission:

  • Please navigate to Defaults tab to locate Corrections Ready for Submission.
  • Click on Submit for Processing, which will prompt to digitally sign the submission.
  • Once the correction is submitted successfully, a Token Number for the same will be available.
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