Saturday, May 7, 2011

NSDL upgrades FVU – Version 3.1 to Version 3.2 etds return


on Saturday, May 7, 2011

NSDL has released a new version of File Validation Utility - Version 3.2. The change is pertaining to the validation for threshold transactions and the same has been incorporated in e-TDS/TCS FVU for quarterly statement of FY 2010-11 onwards.

The frequent upgradations are leading to many complexities in filing returns for the fourth quarter which must be filed by 15th May 2011.

TDSMAN is a simple to use software ideally suited for filing eTDS returns. Among a host of features it offers, the software can be used for F.Y 2011-12 and all previous years. This implies that apart from all quarters of 2011-12, one can also file returns for 4th quarter of 2011-12.

This software is fully updated to support FVU Ver. 3.2. It also has an inbuilt module for “Correction Returns” which is extremely helpful in correcting the regular returns.

Key features of File Validation Utility (FVU) version 3.2

• FVU 3.2 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01, 2011.
• Mandatory to quote Mobile No. in quarterly TDS/TCS statements for deductor category other than Central govt. and State Govt.
• Provision to quote the deduction under section 80CCF in salary details (applicable for 24Q Q4).
• Total deduction under chapter VI A to include:
 Deduction under section 80CCE
 Deduction under section 80CCF
 Deduction under other sections of chapter VI A
• ‘Surcharge’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.
• ‘Education cess’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.
• ‘Net Income tax payable’ amount in salary details (provided annually in Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.

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