FVU 6.0 & FVU 2.156 released by NSDL

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The Income Tax Department has released today (21st December, 2018), the following new File Validation Utilities:

  • FVU version 6.0 – For statement pertaining to FY 2010-11 onwards
  • FVU version 2.156 – For statement up to FY 2009-10

Click here to view the key features of FVU version 6.0 & FVU 2.156

TDSMAN will incorporate new FVU versions and will be released within 22nd December, 2018.

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Key Features – File Validation Utility (FVU) version 6.0 & 2.156

File Validation Utility (FVU) version 6.0

  • Field level validation for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” have been relaxed
  1. Existing structural validations for field “Certificate number issued by the Assessing Officer u/s 197 for non-deduction/lower deduction” under deductee details are relaxed (as per existing validations, the format of certificate number should be 1234AB567C).
  2. Now, any 10 digit alpha-numeric values will be allowed under this field.
  3. Same will be applicable for regular as well as correction TDS/TCS statements.

File Validation Utility (FVU) version 2.156

  • There is no change from the previous version 2.155

These versions of FVU is applicable with effect from December 21, 2018.

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Payment of taxes – Do’s & Dont’s

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Taxpayers, deductors or collectors can pay direct taxes through Authorised Bank branches either physically, through ATM or through internet.

Type of Challans to be used for tax payments

Challan Description
ITNS 280 For depositing Advance tax, Self Assessment tax, Tax on Regular Assessment, Surtax, Tax on Distributed Profits of Domestic Company and Tax on Distributed income to unit holders.
ITNS 281 For depositing TDS/TCS by company or non company deductee
ITNS 282 For depositing Securities transaction tax, Estate duty, Wealth-tax, Gift-tax, Interest-tax, Expenditure/other tax and Hotel Receipt tax
ITNS 283 For depositing banking cash Transaction Tax and FBT
ITNS 285 Payment of Equalization Levy
ITNS 286 Payment under Income Declaration Scheme, 2016
ITNS 287 Payment under Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY)
Form 26QB Payment of TDS on Sale of Property
Form 26QB Demand Payment for Payment against CPC (TDS) raised demand (only for TDS on Sale of Property
Form 26QC Payment of TDS on Rent of Property
Demand Payment Form 26QC Payment against CPC (TDS) raised demand (only for TDS on Rent of Property

Dos

1. Mandatory details required to be filled in challan

a) PAN/ TAN

b) Name and address of the taxpayer (for physical challans)

c) Assessment Year

d) Major Head, Minor Head

e) Type of payment 

2.  Use challan type 281 for deposit of TDS/TCS payments.

a) Quote the correct TAN, name & address of the deductor on each challan

b) Verify your TAN details from Income Tax Department web-site (www.incometaxindia.gov.in) prior to depositing TDS/TCS.

c)  Use separate challans to deposit tax deducted under each section and indicate the correct nature of payment code in the relevant column in the challan.

d) Use separate challans to deposit tax deducted for different types of deductees. 

3. For Non TDS/TCS payments use challan types 280/282/283 as applicable.

a) Quote the correct PAN, name & address on each challan used for depositing the tax.

4. Mention/verify the correct Financial Year and Assessment Year in the challan before tax payment.

5. Payment confirmation:- Ensure that the Challan Identification Number (CIN) has been provided on the counterfoil issued after successful payment of tax. Challan Identification Number (CIN) comprises of the following

a) Seven digit BSR code of the bank branch where tax is deposited

b) Date of Deposit (DD/MM/YY) of tax

c) Serial Number of Challan 

6. Verify the tax payment information submitted to the bank.

a) Details available on the TIN website www.tin-nsdl.com under the link Challan Status Inquiry

b) In case the details are not available then you may contact the bank branch where the tax has been deposited. 

7. In case the counterfoil issued by the bank has been misplaced, kindly contact the respective bank/branch for details regarding the same.

8. Rectification/Correction in the Challan:- For rectifying errors in a physical challan, taxpayer may approach the Bank. Prescribed timelines for the same are as per table below

Sr. No. Type of correction on challan Period for correction request (in days)
1 PAN/TAN Within 7 days from challan deposit day
2 Assessment Year Within 7 days from challan deposit day
3 Total Amount Within 7 days from challan deposit day
4 Major Head Within 3 months from challan deposit day
5 Minor Head Within 3 months from challan deposit day
6 Nature of payment Within 3 months from challan deposit day

 Click here for more details.

9. Please visit TIN website www.tin-nsdl.com for details on preparation and furnishing TDS/TCS statements.

Dont

1. Do not use incorrect type of challan for payment of taxes.

2. Do not make mistake in quoting PAN / TAN.

3. Do not give PAN in place of TAN or vice versa.

4. Do not use a single challan to deposit tax deducted for corporate and non corporate deductees.

5. Do not use same challan for depositing various types of tax like advance tax, self-assessment tax etc.

6. Do not make mistake in the F.Y. and A.Y. to be indicated in the challan.

7. If you have multiple TANs for the same division filing TDS statements, do not use different TANs in different challans. Use one TAN consistently and surrender the others.

Source: TIN-NSDL

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TDS on Non-Salary Payments – Good Practices

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We are sharing with you some insights on good practices related to tax deductions for non-salary related payments:

  •  Based on the type of payment, make sure the Section is properly determined
  • For each Section, be aware of the threshold limit applicable for exemption of deductions
  • Check out the percentage of tax to be deducted
  • This percentage may vary for individuals and non-individuals – check it out
  • Percentage may not be the same for all months in a financial year – be careful
  • Make sure deductions are done on time – delayed deductions also attract interest

Click Here to view the latest TDS / TCS Chart with associated information.

Hope you have found this useful.

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