The Income Tax Department has released the following new File Validation Utilities on 2nd January, 2014:
• FVU version 4.1 – For Statements pertaining to FY 2010-11 onwards.
• FVU version 2.137 – For Statements upto FY 2009-10.
These two FVU versions are mandatory with effect from January 01, 2014. FVU version 4.0 and FVU Version 2.136 are applicable upto January 03, 2014.
- Deletion of deductee record: Feature to delete the deductee record has been discontinued. 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.
- Applicability of FVU version: FVU version 4.0 is applicable upto December 31, 2013 and from January 01, 2014 FVU version 4.1 would be mandatory.
- Deletion of deductee record: Feature to delete the deductee record has been discontinued. 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 Q2 of FY 2009-10, then the date of deduction should not be lower than 01/10/2009.
- Generation of Form 27A: New feature has been enabled wherein Form 27A is generated on validation of statement by TDS/TCS FVU.
- Applicability of FVU version: FVU version 2.136 and 2.137 are applicable upto December 31, 2013 and from January 01, 2014 it would be mandatory to validate the TDS/TCS statements using FVU version 2.137.
