New FVUs Version 7.4 & 2.170 released by NSDL – Key Features
The Income Tax Department has released the following new FVU (File Validation Utilities) for TDS/TCS Returns which would be applicable on and from 5th January 2022.
File Validation Utility (FVU):
§ FVU Version 7.4: Applicable for TDS/TCS statement pertaining to FY 2010-11 onwards.
§ FVU Version 2.170: Applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10.
The summary of changes in this new release is as under:
1. Section 194A – Introduction of Remark ‘Z’ for no TDS wef 17/09/2022
Section 194A applies to TDS on Interest (other than Interest on Securities). On 17th September 2021, vide Notification No. 110/2021, CBDT has exempted TDS on Interest Payment to a member of Scheduled Tribe of Specified Areas as explained in Section 10(26) of the Act. For such payment interest where TDS is exempted, it needs to be reported in the TDS Return with the Remark column marked as ‘Z’. This would be applicable on when ‘Date on which Amount paid / Credited’ to deductee is on or after 17th September, 2021.
2. Changes in validation for Section 194Q
Section 194Q applies to TDS on Purchase of Goods. This would be applicable only for TDS Returns / Statement pertains to FY 2021-22 and Q2 onwards. The ‘Date on which Amount Paid / Credited’ is on or after 1st July, 2021.
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