Latest updated e-TDS/TCS RPU and FVU w.e.f. 23th Feb. 2017

Recently, TIN-NSDL has updated e-TDS/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs), which are applicable from Feb. 23, 2017 and Onwards.  This new RPU and FVU Utilities are avilable at TIN Nsdl Official Website.

Key Features – Return Preparation Utility (RPU) version 1.9

“PAN of Landlord” field has been revised for form 24Q-Q4 under Annexure II (i.e. Salary details) from F.Y. 2016-17 onwards.

Existing Validation of structurally valid PAN for field no. 34, 36, 38 and 40 has been relaxed. These fields may contain any value from the below mentioned when the landlord does not have PAN.
1. Payment made to Government organization (Central/State only): This is applicable when landlords are Government organizations (i.e. Central or State).
2. Payment made to Non-resident: This is applicable when the landlords are Non-Residents.
3. Payment made to Other than Government organization and Non-resident: This is applicable when the landlords are other than Government organization and Non-Residents.

• Non-update of Deductee/Collectee records from Annexure I and Annexure ll in TDS/TCS correction statements when Form 26A/27BA has been generated.
• Deductee/Collectee against which Form 26A/27BA has been generated at Income Tax Department where update will not be allowed on certain fields in Annexure I of Form 24Q, 26Q and 27EQ while submitting correction statement. The certain fields are as below:-

(1) PAN of Deductee/Collectee
(2) Amount of Payment/Credit
(3) Total tax Deducted (Tax + Surcharge + Education cess)
(4) Section code

• Deductee against which Form 26A/27BA has been generated at Income Tax Department where no update or deletion of record will be allowed in Annexure ll of Form 24Q while submitting correction statement.
• Such Deuctee/Collectee records will be present in the TDS/TCS consolidated file with a flag value ‘F’ against the field ‘Mode’ as per specified file format.
• This is applicable from Financial Year 2007-08 onwards.
• e-TDS/TCS correction statements received with the changes not desired as per above, will be rejected at TDS CPC of Income Tax Department.
• Incorporation of latest File Validation Utility (FVU) version 5.4 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.150 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).

Key Features – File Validation Utility (FVU) version 5.4 

Validation for “PAN of Landlord” field has been revised for form 24Q-Q4 under Annexure II (i.e. Salary details) from F.Y. 2016-17 onwards.

Existing Validation of structurally valid PAN (for field no. 41, 43, 45 and 47 as per data structure) has been relaxed. These fields may contain any value from the below mentioned when the landlord does not have PAN.

1. GOVERNMENT: This is applicable when landlords are Government organizations (i.e. Central or State).

2. NONRESDENT: This is applicable when the landlords are Non-Residents.

3. OTHERVALUE: This is applicable when the landlords are other than Government organization and Non-Residents.

• Validation for non-update of Deductee/Collectee records from Annexure I and Annexure ll in TDS/TCS correction statements when Form 26A/27BA has been generated.
• Deductee/Collectee against which Form 26A/27BA has been generated at Income Tax Department where update will not be allowed on certain fields in Annexure I of Form 24Q, 26Q and 27EQ while submitting correction statement. The certain fields are as below:-

(1) PAN of Deductee/Collectee

(2) Amount of Payment/Credit

(3) Total tax Deducted (Tax + Surcharge + Education cess)

(4) Section code

• Deductee against which Form 26A/27BA has been generated at Income Tax Department where no update or deletion of record will be allowed in Annexure ll of Form 24Q while submitting correction statement.
• Such Deuctee/Collectee records will be present in the TDS/TCS consolidated file with a flag value ‘F’ against the field ‘Mode’ as per specified file format.
• This is applicable from Financial Year 2007-08 onwards.
• e-TDS/TCS correction statements received with the changes not desired as per above, will be rejected at TDS CPC of Income Tax Department.
• Incorporation of latest File Validation Utility (FVU) version 5.4 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.150 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).
• This version of FVU is applicable with effect from February 23, 2017.

Key Features – File Validation Utility (FVU) version 2.150 

Validation for non-update of Deductee/Collectee records from Annexure I and Annexure ll in TDS/TCS correction statements when Form 26A/27BA has been generated.

Deductee/Collectee against which Form 26A/27BA has been generated at Income Tax Department where update will not be allowed on certain fields in Annexure I of Form 24Q, 26Q and 27EQ while submitting correction statement. The certain fields are as below:-

(1) PAN of Deductee/Collectee

(2) Amount of Payment/Credit

(3) Total tax Deducted (Tax + Surcharge + Education cess)

(4) Section code

• Deductee against which Form 26A/27BA has been generated at Income Tax Department where no update or deletion of record will be allowed in Annexure ll of Form 24Q while submitting correction statement.
• Such Deuctee/Collectee records will be present in the TDS/TCS consolidated file with a flag value ‘F’ against the field ‘Mode’ as per specified file format.
• This is applicable from Financial Year 2007-08 onwards.
• e-TDS/TCS correction statements received with the changes not desired as per above, will be rejected at TDS CPC of Income Tax Department.
• This version of FVU is applicable with effect from February 23, 2017.

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New e-TDS/TCS RPU Ver. 1.8 for Regular & Correction Statement(s) from FY 2007-08 w.e.f. 26-11-2016

Recently, TIN-NSDL has been updated RPU Ver. 1.7 with 1.8 for Regular and Correction Statements for Asstt. Year 2016-17 and onwards w.e.f. 26th November 2016.

Key Features – Return Preparation Utility (RPU) version 1.8

Newly added fields for Form 27Q i.e. ‘Email ID of deductee’, ‘Contact number of deductee’, ‘Address of deductee in country of residence’ & ‘Tax Identification Number /Unique identification number of deductee’ are to be made mandatory only for below mentioned nature of remittances.

• Interest payment
• Royalty
• Fees for technical services/ fees for included services
• Short term capital gains
• Long term capital gains

Change in the encryption certificate present in the FVUs.

Since existing encryption certificate present in FVUs is expiring on November 30, 2016, newly procured encryption certificate by NSDL e-Gov. will be incorporated in FVUs.

Incorporation of latest File Validation Utility (FVU) version 5.3 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.149 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).

Download RPU Ver. 1.8 

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Updated TRACES TDS Justification Report Utility Free Download

TRACES had updated Justification Report Excel Generation Utility text file format to convert the same into readable Excel Format.

Steps to convert the Justification Report text file into excel by ver 2.0 and 2.1 :

• Loging to https://www.tdscpc.gov.in from your user ID and Password.
• Download the zip file from 'Requested Downloads' screen and save to your local machine, Computer or Laptop.
• Unzip the file using Winzip. Password to unzip is 'JR__
  __', e.g., JR_AAAAA1235A_24Q_Q3_2010-11. This will save the Justification Report as a text file.
• Download the macro utility for Justification Report from above link.
• Double-click the utility, excel sheet will open.
• Click on 'Enable Content' in the warning message to enable macros.
• Select the Justification Report text file and the folder to save the output excel file and click on button 'Generate TDS CPC Justification Report'.
• The text file will be converted into excel spreadsheet and saved in the selected folder.
• Open the Justification Report excel file from the folder in which it has been saved.

Download TDS Justification Report Ver. 2.0

Download TDS Justification Report Ver. 2.1

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Download New version of RPU and FVU i.e. Ver. 4.7 & Ver. 2.143 for TDS/TCS returns on or after 19th June, 2015

It is proposed to release new version of NSDL e-Gov TDS/TCS – Return Preparation Utility (RPU) and File Validation Utility (FVU) tentatively on 19th June, 2015. Details of which are given below:-

1.    Return Preparation Utility (RPU)

• Version 1.2 (Java based)
• Version 4.4 (VB based) 

2.    File Validation Utility (FVU)

• Version 4.7:- For quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards
• Version 2.143:- For quarterly e-TDS/TCS statements up to FY 2009-10 

Features of the new version of RPU and FVU are as given below:-

1. Incorporation of section code 192A and 194LBB: Section code 192A and 194LBB will be incorporated where the date of payment is on or after 01/06/2015 for regular and correction TDS statements pertaining to FY is 2015-16 onwards. Section code 192A will be applicable for Form no. 26Q and section code 194LBB will be applicable to Form no. 26Q and 27Q.
2. Validation of Total Tax deducted vis a vis Total Tax Deposited amount: Validation will be incorporated in the TDS/TCS FVU wherein the total tax deducted amount in the deductee details should be equal to total tax deposited amount at the deductee details. This validation will apply to

• TDS/TCS statements pertaining to all F.Ys and all Forms.
• Will apply to regular and correction TDS/TCS statements. 

   3. Incorporation of “T” remark (Transporter transaction and valid PAN is provided) in deductee details (Annexure I):  Remark “T” will be applicable for Form no. 26Q from Q3 of FY 2009-10 onwards. This validation will apply to regular and correction statements.

4. Applicability of certificate no. for lower/non deduction in deductee details (Annexure I): Quoting of certificate no. (if applicable) will be allowed only if the corresponding section code in deductee details is 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C (TCS). This validation will apply to regular and correction TDS/TCS statement pertaining to FY 2013-14 onwards.  

5. Higher deduction flag “C” not applicable to Section code 194LC: If the section code at the challan/ deductee details is 194LC, then the corresponding deductee record will not be mandated for higher rate of tax deduction i.e., will not be mandated to select flag “C”. Further, no warning message will be provided if the rate of deduction is less than 20.0000. This validation will apply to regular and correction statement pertaining to FY 2012-13 onwards where date of payment is 1st June, 2013 onwards.

6. Deductee records with remark ‘C’ validations across all forms: In addition to existing editable fields for “C” remark deductee records in correction file, below mentioned fields will also to be allowed for update.

• Name of deductee
• Section code
• Nature of remittance (Applicable only for Form 27Q)
• “Unique acknowledgement of the corresponding form no. 15CA (if available)” (Applicable only for Form 27Q)
• Country of Residence of the deductee (Applicable only for Form 27Q)
• Grossing up indicator (Applicable only for Form 27Q)
• Date of deduction (Applicable to all Forms)
• Said validation will be applicable for correction TDS/TCS statements.

Source: www.tdsman.com

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New e-TDS/TCS Return Preparation Utility Ver. 1.1 for Regular Statements from FY 2007-08 on-wards.

Recently, Tin.nsdl has released latest Return Preparation Utility version 1.1 based on Java platform for regular statements from financial year 2007-08 and onwards. Before this utility for Regular RPU version 4.3 is the used.  Apart from this the RPU Version 1.1 in java platform, Why?.  Because, it is easy to use and incorporated with FVU version 4.6. There are many new features added in java based RPU version 1.1 which are as under.

The e-TDS/TCS RPU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.6 onwards] should be installed on the computer where the e-TDS/TCS FVU is being installed. Java is freely downloadable from http://java.sun.com and http://www.ibm.com/developerworks/java/jdk or you can ask your vendor providing computer facilities (hardware) to install the same for you.

The e-TDS/TCS RPU setup file (e-TDS/TCS RPU.zip) comprises mainly of three files and rest are supporting jar files. Main jar files are as listed below:

• TDS_RPU.jar: This is RPU program file. This is executable file.
• TDS_FVU_STANDALONE_4.6.jar: This is the FVU program file (for financial year greater than 2009-10)
• TDS_FVU_STANDALONE_2.142.jar: This is the FVU program file (for financial year less than equal to 2009-10). 

Other supporting files are as below:

• barbecue-1.5.jar
• bcprov-jdk14-141.jar
• NSDL-Root.cer
• pd4ml.jar
• ss_css2.jar

Key features of RPU 1.1

• NSDL e-TDS/TCS Return Preparation Utility in JAVA platform.
• Preparation of Regular TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onwards (for all quarters).
• Quoting of PAN of responsible person for deducting/ collecting tax.
• Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher.
• Quoting of BIN mandatory only for the statements pertaining to FY 2013-14 onwards.
• Reduction in the applicable list of “Nature of Remittances” (Applicable in case of Form no. 27Q).
• NSDL RPU is a freely downloadable utility.
• Incorporation of latest File Validation Utility (FVU) version 4.6 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.142 (applicable for TDS/TCS statements upto FY 2009-10).

New Latest Download e-TDS/TCS RPU Ver. 1.1 (Click Here)

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Key Features of FVU 4.6 and 2.142 Ver. for Asstt. Year 2015-16 w.e.f. 21.04.15

Recently released latest TDS File Validation Utility (FVU) Ver. 4.6 and 2.142 for Asstt. Year 2011-12 onwards and from Asst. Year 2008-09 to 2010-11 respectively with effect from 21st April, 2015.  The Key Features of both the version are as under :

Key Features – File Validation Utility (FVU) version 4.6

• Quoting of PAN of responsible person for deducting/ collecting tax.
• Quoting of AIN mandatory only if the TDS/TCS has been deposited by book entry i.e., through transfer voucher.
• Quoting of BIN details mandatory only for the statements pertaining to FY 2013-14 onwards.
• Update of tax deposit amount in deductee details enabled for the deductee records where tax has been deducted at higher rate.
• Reduction in the applicable list of “Nature of Remittances” (Applicable in case of Form no. 27Q).
• Enhancement of deduction allowed under section 80CCE from Rs. 1,00,000/- to Rs. 1,50,000/-.
• This version of FVU will be applicable with effect from April 21, 2015.

Key Features – File Validation Utility (FVU) version 2.142

• Quoting of PAN of responsible person for deducting/ collecting tax.
• This version of FVU will be applicable with effect from April 21, 2015

Download Key Features – File Validation Utility (FVU) version 4.6

Download Key Features – File Validation Utility (FVU) version 2.142

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All Changes in TDS/TCS in Budget-2015 w.e.f. 01.06.2015

All Changes related to TDS/TCS amendments have been proposed in the sections dealing with the deduction of tax at source.

1. Requirement for obtaining evidence/ particulars by employer for TDS–Section 192

1.1 Currently, the person responsible for paying salary has to depend upon the evidence/particulars furnished by the employee in respect of deductions, exemptions and set-off of loss claimed. There is neither any guidance regarding the nature of evidence/particulars to be obtained nor any uniformity in this regard.

1.2 With a view to rationalise the collection of information and documents by employers, a new sub-Section (2C) is proposed to be introduced in Section 192 to provide that the person will be required to obtain evidence or proof or particulars of prescribed claims including claim for set-off of loss under the provisions of the Act in the prescribed form and manner.

2. TDS from premature withdrawal from Employees’ Provident Fund Scheme (EPFS)–Sections 192A and 197A

When an employee participating in a Recognised Provident Fund (RPF) withdraws the accumulated balance lying to her/his credit in the said RPF account, that amount is not included in her/his total income and is considered as exempt provided certain conditions are met.

The main condition is that such a person should have rendered continuous service with that employer for a period of five years or more. In case of cessation of employment, if the employee takes up an employment with another employer and the accumulated balance in her/his RPF account is transferred to her/his RPF account maintained by such other employer, then also the exemption would be available.

It therefore follows that if the abovementioned conditions are not satisfied, the accumulated balance due to the employee is taxable in the  hands of the employee. In such a case, tax is required to be calculated by re-computing the tax liability of the years for which the contribution to RPF has been made, by treating the same as contribution to unrecognised provident fund.

The trustees of an RPF are required to deduct tax at source on such accumulated balance at the time it is paid, as if such withdrawn amount were income chargeable under the head Salaries. However, often, the trustees did not have the requisite information to be in a position to compute the TDS correctly. With a view to simplify the process of deduction in such cases, Section 192A is now inserted to provide that trustees of RPFs shall, at the time of payment of the accumulated balance due to the employee, deduct tax at source at the rate of 10%, where the aggregate withdrawal is R30,000/- or more.

At the same time, if the concerned employee fails to furnish her/his permanent account number (PAN) to the person responsible for deducting such tax, then tax shall be deducted at the maximum marginal rate as per Section 206AA. It has also been provided that tax shall not be deducted if the employee furnishes to the payer a self-declaration in the prescribed Form No. 15G/15H, declaring that the tax on her/his estimated total income of the relevant previous year would be nil.

3. TDS from interest (other than interest on securities)–Section 194A

There are several amendments pertaining to TDS from interest.

• TDS from Recurring deposit
• TDS from deposit in cooperative Banks
• Interest from all branches of a Bank is to be considered to check cut off amount of Rs 10000/- 

3.1 Interest on fixed deposits with banks attracts TDS under Section 194A. Only exception to this was in respect of interest paid by co-operative banks to their members. 

3.2 Now, Section 194A(3)(v) has been amended to expressly provide that payment of interest on time deposits by a cooperative bank to its members will not be exempt from withholding tax requirement. Therefore, with effect from 1st June 2015, when interest paid or credited in excess of the prescribed limit (which is presently Rs. 10,000/-), tax will have to be deducted at source by the cooperative bank. 

3.3 The existing provisions that permit a depositor to furnish Form 15G/15H for non-deduction of tax at source from the interest wherever applicable, will apply to the interest on deposits with cooperative banks also.

3.4 The exemption from withholding tax under Section 194A(3)(viia)(b) in respect of payment of interest on time deposit taken from a cooperative society will continue to be available to a cooperative bank. Similarly, a primary agricultural society or a primary credit society or a cooperative land mortgage bank or a cooperative land development bank shall continue to enjoy the exemption under Section 194A(viia)(a), and will accordingly not be required to deduct tax at source from interest payment.

 3.5 The definition of the term time deposits under Explanation 1 to Section 194A(3) has been amended to include recurring deposits within  its scope. As a result, now for all banks, whether cooperative or commercial, interest paid on both time deposits and recurring deposits will attract the TDS provisions. 

3.6 Many bank depositors avoided TDS from interest on bank fixed deposits by splitting their deposits amongst different branches of the same bank. This was on account of the current provision whereby the threshold limit of exemption from TDS is applicable to the interest credited or paid by every branch on an individual basis. With a view to curbing this practice, it is now proposed that TDS under Section 194A will be with reference to income credited or paid by the banks as a whole (in those cases where core banking solutions have been adopted by the concerned bank). 

3.7 Interest paid on compensation amount awarded by the Motor Accident Claim Tribunal has been brought under the ambit of TDS. If the aggregate amount of such a payment during the financial year exceeds R50,000/-, there will be a TDS at the time of payment of the interest. Consequently, it follows that there would be no requirement to deduct tax at source at the time of credit of interest.

4. TDS from payments to transporters–Section 194C

4.1 Currently, payment to transporters carrying on the business of plying, hiring, or, leasing of goods carriages is not liable to withholding tax if the transporter furnishes her/his permanent account number to the payer. It seems that the intention of having this provision was to exclude small transporters from the rigours of TDS provisions. But because of the way the section was drafted, all transporters were excluded from the TDS provisions if they had a PAN.

4.2 With a view to bring back the big transporters back into the TDS fold, from 1st June 2015 onwards, this exemption will be available only to those transporters who own ten or less goods carriages at any time during the previous year. Such a transporter would also need to furnish a declaration to that effect to the payer along with the PAN.

4.3 There was also some bit of confusion in the minds of a few people as to whether the said section (and exclusion) applied to payers engaged in the business of transport or to payees engaged in the business of transport. To remove this confusion, it has now been clarified in the Memorandum to the Finance Bill that this exemption is available whether such amount is paid by a person engaged in the business of transport or otherwise.

5. Obtaining/quoting tax deduction and collection account number (TAN) relaxed for certain notified persons–Section 203A

5.1 At present, any person who is required to deduct tax at source (other than under Section 194IA) is expected to obtain a TAN and quote that TAN in the challan and the TDS statement that he is supposed to file. This is a cumbersome requirement–particularly to the individuals who acquire an immovable property from non-residents. In such cases, for one time transactions also, the TAN related formalities have to be complied with. In order to provide relief to such individuals or Hindu undivided families (HUFs) who are not liable for audit under Section 44AB or for one time transactions such as single transaction of acquisition of immovable property from non-residents on which tax is deductible under Section 195, it is proposed to amend Section 203A to the effect that the requirement of obtaining and quoting of TAN shall not apply to such notified persons.

6. Processing of TCS returns–Section 206CB

6.1 A new Section 206CB is proposed to be introduced to facilitate the processing of TCS (tax collected at source) statements on the same lines as TDS statements.

6.2 Section 206CB(1) permits adjustments to the sums collectible to take care of arithmetical errors or incorrect claims apparent from any information in the TCS statement filed.

6.3 Interest if any, payable on the sum collectible and fee payable under Section 234E are now chargeable in respect of the TCS. For this purpose, suitable provisions have been introduced in the Sections 200A and 206CB.

6.4 The intimation has to be sent before the expiry of one year from the end of the financial year in which the statement is filed. 

6.5 Section 206C(7) provides for payment of interest if the person responsible for collecting the tax does not collect the tax or after collecting does not pay it as required under that Section. At the same time, since an intimation generated under Section 206CB is deemed to be a notice of demand under Section 156, interest under Section 220(2) would be payable if the tax collector fails to pay such demand within thirty days of the service of the notice of demand. This could give rise to a situation where interest is charged under both Sections, 220(2) as well as 206C(7). To avoid this, a new sub-Section (2C) is proposed to be inserted in the Section 220 to provide that where interest is charged for any period under Section 206C(7), no interest shall be charged under Section 220(2) of the Act on the same amount for the same period.

7. Self-declaration for non-deduction of tax from life insurance payments–Sections 194DA and 197A

7.1 Section 194DA provides for deduction of tax at source at the rate of 2% from payments made under a life insurance policy, if such amount is chargeable to tax and the amount is not less than R1,00,000/-. However, there is no facility for such an assessee to file a self-declaration under Section 197A to receive the amount without deduction of tax at source even if she/ he has no tax liability.

7.2 It is now proposed to amend Section 197A provided that tax shall not be deducted under Section 194DA if the recipient of the payment on which tax is deductible furnishes to the payera self-declaration in the prescribed Form No. 15G/15H declaring that the tax on his estimated total income for the relevant previous year would be nil.

8. Interest on certain bonds and Government securities earned by FIIs–Section 194LD

8.1 Presently, interest paid to a foreign institutional investor, qualified foreign investor and foreign portfolio investor on rupee denominated bonds of an Indian company or a Government security is taxed at a concessional rate of 5% plus applicable surcharge and cess. This concession was available for interest payable on or after 1st June 2013 but before 1st July 2015.

8.2 The concessional rate of tax is proposed to be extended up to 30th June 2017.

9. Furnishing of information made more stringent and penalty introduced – Sections 195 and 271-I

9.1 Presently, when any person responsible for making a payment to a non-resident of any interest or other sum chargeable under the provisions of this Act, such person is required to deduct tax from such payment under Section 195(1). Further, sub-Section (6) of Section 195 requires such person to furnish the information relating to payment of any sum in Form 15CA. In most cases, a view was taken that this provision applied only to payments which gave rise to income chargeable to tax in India.

Consequently, payments that did not give rise to income chargeable to tax in India were not reported in the Form 15CA.

9.2 Now, sub-Section (6) is proposed to be amended to provide for furnishing of information whether

or not such remittances are chargeable to tax. This would cast a heavy burden on persons who make payments to non residents–especially in case of import of goods. Even for such payments, now, the obligation to furnish Form 15CA (and also Form 15CB) will have to be complied with. 

9.3 This burden has been further compounded by the proposal to introduce a new Section 271-I to levy a penalty of R1,00,000/- if the person required to furnish information under Section 195 fails to furnish such information or furnishes inaccurate information.

These all amendments are effective from 1st June 2015.

Source: www.tdsman.com

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What happen if non-filing of Form within 300 Days u/s. 180(1)(c) of the Companies Act.

Let’s Start with Example of Section 180(1) (c) of the Companies Act, 2013 corresponds to section 293 of the companies Act, 1956 and the said section has been brought into effect from 12th September 2013. Section 293 of the Companies Act, 1956 Was Applicable Only To Public Companies i.e. Private Limited Companies Were Exempted from this requirement and therefore Private Limited Copanies could borrow any sums of money upto any limit without the need of seeking any approval from the members of the company.

*Now Section 180 is Applicable To All Companies i.e. public as well as private. So w.e.f. 12th September, 2013 onwards even private companies have to seek the approval of their members if they are intending to borrow monies in excess of their paid up share capital and free reserves.

THE RELEVANT SECTION 180(1) (C) STATES AS FOLLOWS:

180. (1) The Board of Directors of a company shall exercise the following powers only with the consent of the Company by A Special Resolution, namely:—

(c) To Borrow Money, where the money to be borrowed, together with the money already borrowed by the company will exceed aggregate of its paid-up share capital and free reserves, apart from temporary loans obtained from the company’s bankers in the ordinary course of business: 

Explanation: For the purposes of this clause, the expression “temporary loans” means loans repayable on demand or within six months from the date of the loan such as short-term, cash credit arrangements, the discounting of bills and the issue of other short-term loans of a seasonal character, but does not include loans raised for the purpose of financial expenditure of a capital nature; So after reading of the above section implies that it has become Mandatory for private Companies to obtain approval of their members by way of Special Resolution passed at the general meeting that the company is allowed to borrow monies in excess of the paid up share capital and free reserves of the company, specifying thereby the maximum amount upto which monies could be borrowed by the company.

Since the section has been made effective from 12th September 2013, it would be imperative for private companies to get such special resolution passed at the earliest, since sub-section (5) above clearly stipulates that the onus of complying the provisions of this section is upon the private company since the lender can claim that he has acted in good faith.

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Latest e-TDS/TCS RPU Utility from Fin. Year 2007-2008.

Finally NSDL has provde JAVA base Utility Ver. 1.0 as CBDT Income Tax Return Utility to TDS Deductors for Preparing TDS/TCS Quarterly Statement from Financial Year 2007-2008 and on-wards.  This new latest e-TDS/TCS Return Preparation Utility is fully based on JAVA Plate-form (RPU Ver. 1.0). Apart from this new utility, we already working with RPU utility ver. 4.5 and 4.2 for preparation of e-TDS/TCS Return.  This new RPU JAVA Base Utility is very simple with following Key features :

Key features of RPU 1.0

• NSDL e-TDS/TCS Return Preparation Utility in JAVA platform.
• Preparation of Regular TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onwards (for all quarters).
• NSDL RPU is a freely downloadable utility.
• Incorporation of latest FVU Version 4.5 and 2.141.

Download New JAVA base RPU Utility Ver. 1.0 (Click Here)

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Updated Justification Report Utility Ver.(2.1) Free Download - TRACES

Traces has released updated version for Justification Report Utility.  This is Excel Generation Utility for Justification report from "TXT" to "XLS" files.

Before download this Utility, must know about it.

• The updated Justification report utility ver. 2.1 is mandatory for Deductors.  Deductors are received Default Notices from Income Tax Department.
• This is for default calculations. 
• Traces provides report in Text format and this utility converts Text file to Excel format.  In this way, separate sheets of Excel File details the calculation of defaults sent by Income Tax Department.

Steps to convert the Justification Report text file into an excel

• Download the zip file from 'Requested Downloads' screen and save to your local machine
• Unzip the file using Winzip. Password to unzip is 'JR___', e.g.,
• JR_AAAAA1235A_24Q_Q3_2010-11. This will save the Justification Report as a text file
• Download the macro utility for Justification Report from this screen
• Double-click the utility, excel sheet will open
• Click on 'Enable Content' in the warning message to enable macros
• Select the Justification Report text file and the folder to save the output excel file and click on button 'Generate TDS CPC Justification Report'
• The text file will be converted into excel spreadsheet and saved in the selected folder
• Open the Justification Report excel file from the folder in which it has been saved

Download Updated Justification Report Version 2.1 (Click Here)

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Latest Tax Calculator for Salaried Employee for Asstt. Year 2015-16

In the month of December, the CBDT had issued a circular for Salaried Employee regarding, How to Calculate Income Tax for the Asstt. Year 2015-16.  The salaried Employee can calculate Income Tax Liability before submitting Salary Bill of Feb., 2015 by this calculator.  This calculator is specially for Salaried Employee developed under sec. 192 of the Income Tax Act, 1961.  This Tax calculation utility helps to save tax and actual tax liability.

Key Features :

• It is easy to Calculate Income Tax.
• Month-wise Salary Statement.
• It calculate tax liability with all applicable deductions, exemptions etc.

This utility updated with CBDT circular dated 10.12.2014 for salaried Employee and covered all Deduction under Chapter-VIA including other Deductions.

This Tax Calculation utility is for Salaried Employee for Assessment Year 2015-16.

Requirements :

• OS required Windows-2000, XP, Vista, Windows-7, Windows-8 etc.
• MS Office-7 or above version.

Data Entry:

• Only "White Cells are for Data Entry.

Download Latest Tax Calculator (Click Here)

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Download Latest Justification Report Utility Ver.(2.1) - TRACES

Recently TRACES has released a new version (2.1) of Excel Generation utility for Justification report from "TXT" to "XLS".  Download and use latest utility version for Justification report requests but, before it must know about the latest justification report utility Ver. 2.1, it is mandatory to know that what is this utility and why it is required.  Deductors are being received Default Notices from Income Tax department.   To know the calculation of default, Justification Report is provided by Income Tax Department.   Traces provides report in Text format and this utility converts Text file to Excel format.  In this way, separate sheets of Excel File details the calculation of defaults sent by Income Tax Department.

Steps to convert the Justification Report text file into an excel

• Download the zip file from 'Requested Downloads' screen and save to your local machine
• Unzip the file using Winzip. Password to unzip is 'JR___', e.g.,
• JR_AAAAA1235A_24Q_Q3_2010-11. This will save the Justification Report as a text file
• Download the macro utility for Justification Report from this screen
• Double-click the utility, excel sheet will open
• Click on 'Enable Content' in the warning message to enable macros
• Select the Justification Report text file and the folder to save the output excel file and click on button 'Generate TDS CPC Justification Report'
• The text file will be converted into excel spreadsheet and saved in the selected folder
• Open the Justification Report excel file from the folder in which it has been saved

Download Justification Report Version 2.1 (Click Here)

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Tax Calculator, Form-16 (Part-A & B), Statement for Asstt. Year 2014-15 for all Employee.

CBDT has recently changed the Format of Form-16 and this New format of form 16 have in 2(two) Parts, One is Part A which is mandatory to download from the Income Tax TRACES Portal and another is Part B which must be prepare manually for employee by employer.

In the Part A of Form 16 have the details of Tax deduction from the source and deposited in to the Central Govt and in the Part of Form 16 Part B where the details of employees Salary. Most of the concerned have not known about this new amended of CBDT.


On the basis of above amendment by CBDT this is the updated version for Tax Calculation, "Form-16", Computation of Income Tax, Month-wise Salary Statement etc. for the Asstt. Year 2014-15.

Facility of this software:

This utility is very easy to use for Calculation of Income Tax, Month-wise Salary Statement and Form 16 with Annexure "A" and "B" etc. in new amended format. All Salaried Employee can maintain their personal data i.e. under Chapter -VIA Deductions and other applicable Deduction like as House Loan Interest, HRA Exemption, Income from Other Source etc. 

This utility provide another facility regarding Income Tax Deductions i.e. u/s. 80G, 80E, 80D as well as u/s. 89(i) it Calculate accurate Income Tax and surcharge there on.  It suggest to Salaried Employee (Taxpayee) whether he is Tax payable or Refundable.

This Software is based on Income Tax circular dated 08.10.2013 issued by Income Tax Department for Assessment Year 2014-15.

Physical Requirements:

• OS required Windows-2000, XP, Vista, Windows-7, Windows-8 etc.
• MS Office-7 or Above Version is required.
• Printing Facility Provides on Inkjet, Ledger Printer and other printers.
• Required Standard A4 Size Paper Sheets.

Data Entry:

• Only  "White" Cells are provide for input data.
• Press Mouse Buttons for applications which you want to operate.

Key Features:

• It maintain Each Employee Data.
• It Calculate Gross Income as per current D.A. Rates automatically as per Government D.A. Rates.
• It Provides Facility to Enter Data Manually along with all Arrears etc.
• It Calculate Tax Liability.
• It Display Month-wise Salary Statement for Asstt. Year 2013-14.
• It Generate TDS Certificate (Form 16) Automatically with Annexure "B".

FOR FREE DAILY UPDATES CLICK HERE

DOWNLOAD UPDATED TAX SOFTWARE

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Download Latest RPU ver 3.8 applicable w.e.f 04.01.2014 for Form 27A.

All corporate deductors should file Income tax returns for deduction of tax at source (TDS) only in electronic form.  ITD has notified revised file formats for preparation of TDS and TCS returns in electronic form. Deductors/collectors can prepare the e-TDS/TCS returns as per these file formats using in-house software or any other third party software and submit the same to any of the TIN-FCs established by NSDL. Deductors/collectors can also directly upload the e-TDS/TCS returns through NSDL-TIN website.

Conclusion
NSDL has developed new TDS RPU Ver. 3.8 which is applicable w.e.f. 04.01.2014 as mandatory with major amendments i.e.-

• Discontinuation in deletion of deductee record,
• Automatic Generation of Form 27A,
• Changes in challan detail etc.

Vision of NSDL
NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns. This is a freely downloadable VB based utility. Separate utilities are available for preparation of each type of return. NSDL RPU user's can easy auto generate Form 27A.

Key features of RPU 3.8

• Deletion of deductee record: Feature to delete the deductee record has been discontinued and as a result delete option available under “Updation mode for Deductee” has been removed. In case the user wishes to nullify a deductee record/ transaction, he is required to update the amount and related fields to “0” (zero) and add new record with updated values.
• Date of deduction: Date of deduction in deductee record should not be that of previous quarter. Example if the statement pertains to Q3 of FY 2013-14, then the date of deduction should not be lower than 01/10/2013.
• Generation of Form 27A: New feature has been enabled wherein Form 27A is generated on validation of statement by TDS/TCS FVU.
• Heading of column no. 20 under Challan details has been changed as “Interest to be allocated/apportioned”.
• Incorporation of latest FVU Version 4.1 and 2.137.

DOWNLOAD

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Download FVU (Ver. 1.8.2) for Link Cells & Nodal Branches for e-Payment w.e.f. 14.09.13

e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks.

Using this feature, tax payers can track online the status of their challans deposited in banks by providing TAN and Challan Tender Date range for a particular financial year.

If the tax payer enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank.  The tax collecting branch can access the total amount and total number of challans for each major head code.

Select applicable challan

TDS on Property

Form 26QB	(Payment of TDS on Sale of Property)

TDS/TCS

CHALLAN NO./ITNS 281	(Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates)

Non-TDS/TCS

CHALLAN NO./ITNS 280	(payment of Income tax & Corporation Tax)
CHALLAN NO./ITNS 282	(payment of Security Transaction Tax, Hotel Receipts Tax, Estate Duty, Interest Tax, Wealth Tax, Expenditure Tax /Other direct taxes & Gift tax)
CHALLAN NO./ITNS 283	(payment of Banking Cash Transaction Tax and Fringe Benefits Tax)

With effect from July 2005, the following challans should be used :

• A common single copy challan No. ITNS 280 for payment of Income tax and Corporation tax;
• A common single copy challan No. ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) from corporates or non-corporates;
• A common single copy challan No. ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes.
• A common single copy challan No. ITNS 283 for payment of Banking Cash Transaction Tax and Fringe Benefits Tax.

File Validation Utility

Utilities for validations in TIN-OLTAS to be implemented from September 14, 2013:

• Download File Validation Utility (Ver. 1.8.2) for Link Cells (effective from September 14, 2013)
• Download File Validation Utility (Ver. 1.3.9 for Collecting/Nodal Branches (effective from September 14, 2013)

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Free Download Latest e-Tds/TCS Return "RPU" and "FVU" utility for Asstt. Year 2014-15

These utilities have been developed by NSDL for small deductors/collectors and returns exceeding 20,000 deductee records should not be prepared using this utility. NSDL does not warrant any accuracy of the output file generated using any of these utilities. All users are advised to use latest FVU and check the format level correctness of the file before submitting the same to TIN-FC. In case FVU reports any error in the file, then the users are advised to rectify the same. Further, deductors/collectors are advised to ensure that the e-TDS/TCS returns are filed before the last date specified by Income Tax Department. Non-functioning or non availability of this utility may not be considered as a reason for inability to file the return before the last date.

NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns. This is a freely downloadable VB based utility. Separate utilities are available for preparation of each type of return.

RPU for Quarterly Returns:
TDS/TCS returns have to be filed every quarter (i.e. quarterly statements); however, as advised by Income Tax Department, acceptance of TDS/TCS statements pertaining to Financial Years prior to 2007-08 has been discontinued at TIN. The following utilities can be used to prepare regular quarterly statements:

Correction Statements:
Corrections required in the regular quarterly statements can be furnished by submitting a correction statement in the prescribed format. The following utilities can be used to prepare correction quarterly statements:

Users must pass the e-TDS/ TCS return file generated using RPU through the File Validation Utility (FVU) to ensure format level accuracy of the file. This utility is also freely downloadable from NSDL TIN website. In case the e-TDS/TCS return contains any errors, user should rectify the same in the excel utility itself. After rectifying the errors, user should pass the rectified e-TDS/ TCS return through the FVU. This process should be continued till an error free e-TDS/ TCS return is generated.

e-TDS /TCS returns prepared for FY 2007-08 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
The e-TDS/TCS FVU setup file (e-TDS/TCS FVU.exe) comprises of three files namely:

• TDS FVU Readme.rtf: This file contains instructions for setup of the e-TDS FVU.
• e-TDS FVU Setup.exe: This is a setup program for installation of FVU.
• These files are in an executable zip file. These files are required for installing the e-TDS/TCS FVU.

FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards

FVU for quarterly e-TDS/TCS statement up to FY 2009-10

Extraction of e-TDS/TCS FVU

• To extract these files, double-click on 'e-TDS FVU.exe'.
• A 'WinZip Self-Extractor - e-TDS FVU.exe' will open.
• By default, the path selected for extraction of the three files will be 'C:\e-TDS FVU'.
• The files can also be extracted in any other location (other than C:\e-TDS FVU). In that case, the appropriate path has to be defined by clicking the 'Browse' button where the three files should be extracted.
• Thereafter, click on 'Unzip' button.
• On clicking the 'Unzip' button, the three files mentioned above will get extracted to the specified path (i.e. in folder 'C:\ e-TDS FVU' by default or at the specified path).

Installation of e-TDS/TCS FVU
The e-TDS/TCS FVU can be setup as per the procedure mentioned in the 'e-TDS FVU Readme.rtf' file (one of the three files extracted).

Running the FVU
The procedure to run FVU is given in the Readme button on the window opened by clicking e-TDS/TCS FVU icon.

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Download Ver. 1.3L and complete procedure to download Form 16. for Asstt. Year 2013-14.

Income Tax Department advised to All Deductors  to download PDF Converter Utility V1.3L. This a new version to convert Form 16/16A. The TDS Deductor/Deductee can download TDS Certificate (Form 16 (Part A) and Form 16A) from TRACES. The file will be provided in text format and will contain certificate details for all requested PANs. Text file is password protected and password will be send.

A certificate is prescribed u/s 203, which is to be issued by person deducting tax at source.  The certificate should specify the amount of tax deducted and rate at which it is deducted (Form No. 16A, under Rule 31) and other particulars prescribed. A new form 16A has been introduced w.e.f. from 1/4/2010 vide Income-tax (6th Amendment) Rule, 2010(Pl. Ref. Annexure – 4). The new Rule 31 introduced vide I.T. (6th Amendment) Rules provides the following with respect to certificate of deduction of tax.

Deductor will have to convert the text file into PDF using TRACES PDF Generation Utility. This utility will convert the text file into individual PDFs for each PAN. The same utility can be used to convert text file for Form 16 / 16A.

Download Version (V1.3L)

For e-Tutorial Click Here

Procedure to Download Form No. 16 :

Select from Menu:

• Go to webside https://www.tdscpc.gov.in/
• Login to TRACES as a deductor by entering User Id and Password and clicking on ‘Go’.
• Landing page will be displayed.
• Under ‘Downloads’, click on ‘Form 16’ to place download request.
• Form 16 can be downloaded from FY 2007-08 onwards
• For a given FY, TAN and PAN, there will be only one Form 16. In case of more than one employer, a PAN holder can have those many Form 16s

Enter Search Criteria

• For individual PANs, select Financial Year for which Form 16 is required and enter PAN and click on ‘Add’
• Valid PANs will be added to the list. Select a PAN and click on ‘Remove’ to remove it from the list.
• Click on ‘Go’ to proceed with download request
• For downloading Form 16 for all PANs , select Financial Year for which Form 16 is required and click on ‘Go’

Token Number Details (Contd.)

• Enter Authentication Code if the validation is done earlier and you have the Authentication Code
• Enter Token Number of only Regular (Original) Statement corresponding to the Financial Year, Quarter and Form Type displayed above
• Tick in Check Box for NIL Challan or Book Adjustment (Government Deductor)
• Government deductors not having BIN details tick here and need not need provide BSR and Challan Serial Number below
• Click on Guide to select suitable Challan option
• Enter CIN details for a challan used in the statement
• Tick here if you do not any Valid PAN corresponding to above Challan details
• Click on Guide to select suitable PAN amount Combinations
• PANs entered must be those for which payment has been done using the CIN / BIN entered on this screen

Details to be printed on Form 16

• This information will be printed on Form 16 for each PAN. Details will be populated from your profile information in TRACES
• Click on ‘Submit’ to submit download request for Form 16
• Click on ‘Cancel’ and go to ‘Profile’ section to update details

Download File

• Click on ‘Requested Downloads’ under ‘Downloads’ menu to download Form 16 text file

Search File to Download

• Enter Request Number (Search Option 1) or Request Date (Search Option 2) to search for the download request submitted for Form 16
• Click on ‘View All’ to view all download requests
• Click here if you are facing difficulty in PDF Generation Utility

Search Results

• Click on a row to select it
• Click on the buttons to download file

Convert .ZIP File into PDF or Click Here

• ZIP file downloaded from TRACES will contain Form 16 details for all requested PANs
• Download ‘TRACES PDF Generation Utility’ from the website and install it on your desktop
• Pass the ZIP file through the utility to convert it into individual PDF files for each PAN
• User can opt to digitally sign the Form 16s during conversion
• Deductor can also opt to manually sign the PDF files after printing

e-Tutorial to Download Form No. 16 (Salaried Employee) Click Here

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Complete Procedure to Download Form-16 from TRACES for Salaried Employee.

Income Tax Department "TRACES" a new Portal  had been made for only TDS Certificate and many  more.  A Part-A of Form No. 16 is mandatory to download TRACES.  TDS Certificate for Salaried Employee from TRACES (New Website of TDS) for Assessment Year 2013-14 by its new circular 4/2013 dated 17.04.2012 for TDS Deductor on or after 01.04.2012. Download request for Form No. 16 for a particular Fin. Year can be submitted only after Form 24Q statement for Q4 for the selected Fin. Year is filed by deductor and processed by TDS CPC.

So Now you can not download your Form 16 (Part-A) from TRACES portal.

Procedure to Download Form No. 16 :

Select from Menu:

• Go to webside https://www.tdscpc.gov.in/
• Login to TRACES as a deductor by entering User Id and Password and clicking on ‘Go’.
• Landing page will be displayed.
• Under ‘Downloads’, click on ‘Form 16’ to place download request.
• Form 16 can be downloaded from FY 2007-08 onwards
• For a given FY, TAN and PAN, there will be only one Form 16. In case of more than one employer, a PAN holder can have those many Form 16s

Enter Search Criteria

• For individual PANs, select Financial Year for which Form 16 is required and enter PAN and click on ‘Add’
• Valid PANs will be added to the list. Select a PAN and click on ‘Remove’ to remove it from the list.
• Click on ‘Go’ to proceed with download request
• For downloading Form 16 for all PANs , select Financial Year for which Form 16 is required and click on ‘Go’

Token Number Details (Contd.)

• Enter Authentication Code if the validation is done earlier and you have the Authentication Code
• Enter Token Number of only Regular (Original) Statement corresponding to the Financial Year, Quarter and Form Type displayed above
• Tick in Check Box for NIL Challan or Book Adjustment (Government Deductor)
• Government deductors not having BIN details tick here and need not need provide BSR and Challan Serial Number below
• Click on Guide to select suitable Challan option
• Enter CIN details for a challan used in the statement
• Tick here if you do not any Valid PAN corresponding to above Challan details
• Click on Guide to select suitable PAN amount Combinations
• PANs entered must be those for which payment has been done using the CIN / BIN entered on this screen

Details to be printed on Form 16

• This information will be printed on Form 16 for each PAN. Details will be populated from your profile information in TRACES
• Click on ‘Submit’ to submit download request for Form 16
• Click on ‘Cancel’ and go to ‘Profile’ section to update details

Download File

• Click on ‘Requested Downloads’ under ‘Downloads’ menu to download Form 16 text file

Search File to Download

• Enter Request Number (Search Option 1) or Request Date (Search Option 2) to search for the download request submitted for Form 16
• Click on ‘View All’ to view all download requests
• Click here if you are facing difficulty in PDF Generation Utility

Search Results

• Click on a row to select it
• Click on the buttons to download file

Convert .ZIP File into PDF or Click Here

• ZIP file downloaded from TRACES will contain Form 16 details for all requested PANs
• Download ‘TRACES PDF Generation Utility’ from the website and install it on your desktop
• Pass the ZIP file through the utility to convert it into individual PDF files for each PAN
• User can opt to digitally sign the Form 16s during conversion
• Deductor can also opt to manually sign the PDF files after printing

e-Tutorial to Download Form No. 16 (Salaried Employee) Click Here

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e-TDS/TCS RPU 3.5 & FVU 3.8 (Ver.) for A.Y. 2014-15 applicable w.e.f. 01.07.2013.

TDS Deductors, New RPU 3.5 (Ver.) and New FVU 3.8 (Ver) for submission of TDS Quarterly Statement has been launched by TIN-NSDL for Asstt. Year 2014-15. This RPU and FVU is applicable w.e.f. 01.07.2013 with lot of amendments. In the below Key Features shows all these new amendments to clarify TDS/TCS Deductors difficulties. Therefore, TDS/TCS Deductor read carefully all these amendments features regarding filing of Quarterly Statement for Asstt. Year 2014-15. 

Key features of RPU 3.5

Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as provided by TIN. Minor head code is to be provided in challan details for tax deposited through challan. Late fee is to be provided in challan details applicable from FY 2012-13 onwards. No details to be provided for cheque no. and section code in the challan details. Section code to be provided in deductee/collectee details. Introduction of new section code Form no. 24Q: Section 92C has been added which is applicable in case payment is made to Union Govt. employees. Section 194I has been bifurcated as below: Select value 4IA from the section code drop down where tax has been deducted under section 194I (a) Select value 4IB from the section code drop down where tax has been deducted under section 194I (b) Lower/ No deduction certificate no. to be provided in the deductee details. In the annual salary details (24Q, Q4 – Annexure II) break up to be provided for the salary paid and the tax deducted by the current employer and previous employer during the current Financial Year. Introduction of fields for quoting foreign remittance details in Form no. 27Q as below: Nature of remittance Whether TDS rate of TDS is IT act (a) and DTAA (b) Unique acknowledgement of the corresponding form no 15CA (if available) Country to which remittance is made Introduction of value “Z” in the field Remarks for lower or no deduction. Applicable in case of no deduction on account of payment under section 197A (1F). In the annual salary details (24Q Q4 – Annexure II) records to be highlighted whether the tax has been deducted at higher rate. Quarterly TDS/TCS statement (regular and correction) can be filed only for FY 2007-08 onwards. Discontinuation of “Y” type of correction statement. RPU version 3.5 is applicable w.e.f 01/07/2013.

Free Download New RPU 3.5 Ver. For Asstt. Year. (Click Here)

Key feature of FVU version 3.8

Change in data structure of quarterly TDS/TCS statement pertaining to FY 2013-14 onwards as below: Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided. Quoting of TAN registration no. (if any) as provided by TIN. Minor head code is to be provided in challan details. Late fee is to be provided in challan details applicable from FY 2012-13 onwards. No details to be provided for cheque no. and section code in the challan details. Section code to be provided in deductee/collectee details. Introduction of new section code Form no. 24Q: Section 92C has been added which is applicable in case payment is made to Union Govt. employees. Section 194I has been bifurcated as below: Select value 4IA from the section code drop down where tax has been deducted under section 194I (a) Select value 4IB from the section code drop down where tax has been deducted under section 194I (b) Lower/ No deduction certificate no. to be provided in the deductee details. In the annual salary details (24Q, Q4 – Annexure II) break up to be provided for the salary paid and the tax deducted by the current employer and previous employer during the current Financial Year. Introduction of fields for quoting foreign remittance details in Form no. 27Q as below Nature of remittance Whether TDS rate of TDS is IT act (a) and DTAA (b) Unique acknowledgement of the corresponding form no 15CA (if available) Country to which remittance is made Introduction of value “Z” in the field Remarks for lower or no deduction. Applicable in case of no deduction on account of payment under section 197A (1F). In the annual salary details (24Q Q4 – Annexure II) records to be highlighted whether the tax has been deducted at higher rate. Discontinuation of “Y” type of correction statement. FVU version 3.8 is applicable w.e.f 01/07/2013.

Free Download FVU 3.8 Ver with Key Features and Extract File

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Online/Offline ITR Utility for Asstt. Year 2013-14

Income Tax Department had published online/offline Excel based Return forms utility to submit Income Tax Return for Assessment Year 2013-14 or Financial Year 2012-13.  In the first phase Income Tax Department has been published ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4S (Sugam) and ITR-4 online/offline Excel Base Utility and ITR-5, ITR-6 and ITR-7 are available in PDF formate.  Taxpayee can download from below link and submit Income Tax Return for Asstt. Year 2013-14.

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