Key feature of FVU version 2.138

Nil challans in TDS/TCS Statements will be permitted with no deductee records for Form 24Q Q4:

The validations with respect to Nil challan statements have been relaxed for Form 24Q Q4 for all financial years. Deductors will be permitted to submit Form 24Q Q4 for all Financial Years with NIL challans and no corresponding deductee records.  

Applicability of FVU version:

From April 26, 2014, FVU version 2.138 would be mandatory for statements pertain to FY 2007-08 to FY 2009-10.

Key feature of FVU version 4.2

Nil challans in TDS/TCS Statements will be permitted with no deductee records for Form 24Q Q4:

The validations with respect to Nil challan statements have been relaxed for Form 24Q Q4 for all financial years. Deductors will be permitted to submit Form 24Q Q4 for all Financial Years with NIL challans and no corresponding deductee records.   

Validation for TDS amounts in case of higher deduction flag for Form 24Q pertaining to FY 2010-11 onwards:

In case deductor has provided flag for higher rate of deduction i.e., “C” in the TDS statement Form 24Q, the TDS amount for such deductee records should not be less than 20% of the amount paid/credited. This validation is also applicable for correction statement wherein new records are added. The same will not apply for those correction statements where deductee records are being updated.

Example: In case the deductor has provided higher deduction flag as “C” due to non-availability of PAN and the amount paid/credited is `10,000/-, the corresponding TDS amount deducted for this record should not be less than `2,000/ (20% of `10,000). 

Validation for field “Form 15CA Unique Acknowledgement Number (if available)” in Annexure I of Form 27Q applicable for FY 2013-14 onwards:

Validation for the field “Unique acknowledgement of the corresponding Form no 15CA (if available)” in Annexure I has been modified to permit any alpha-numeric value between 12 to 15 characters in the Form 27Q statement. 

Applicability of FVU version:

From April 26, 2014, FVU version 4.2 would be mandatory for statements pertain to FY 2010-11 onwards.

New Changes In eTDS Data Software for F.Y. 2013-2014 version 11.0.13

  • Without PAN Deductees and Employees will be shown in ORANGE color in Deductee and Employee Master.
  • Added PAN verification button, In Deductee and Employee Master which take you to Traces Website for PAN Verification link.
  • Provision to enter Yes or No, in computation for Tax Deducted at higher rate due to non furnishing of PAN by deductee (20%).
  • In Salary Challan Entry, by default higher rate 20% “PANNOTAVBL  C“ for employee without having pan.
  • 80TTA  Section Bank Interest is incorporated in Employee Computation
  • Provision for Pervious  Employee Taxable Salary and TDS deduction in Employee Computation
  • In e-Returns screen, Statistics can be viewed like With PAN, Without PAN, Total Salary and non salary statistics / Challan summary.
  • Tick mark for Employees with PANNOTAVBL and TDS not deducted @ higher rate 20%  / Non taxable employee.
  • On e-Returns screen, after successful validation, its shows if Pan Statistics and Warning file is generated.
  • Remote support on Navigation screen
  • Traces shortcut on the menu bar
  • New data entry Screen of Deductee and employee master as well as computation
  • Database compact and repair implemented which will automatically clean unwanted data and reduces size of the database file.
  • Creation of new-year option on Login screen.
  • Its mandatory to specify “Yes” for employees with PANNOTAVBL and whose tax has been deducted at higher rate 20%, this option is provided in computation, if its skipped by the user then it shows in e-returns. 
  • Minor bug fix.

Points to remember while filing TDS statements for 4th Quarter of FY: 2013-14

One should take care of the following information before submitting TDS statements for 4thQuarter of Financial Year 2013-14

Payment of Taxes deducted/ collected:

  • In accordance with Central Government Account (Receipts and Payments) Rules, 1983, Government dues are deemed to have been paid on the date on which the cheque or draft tendered to the bank, was cleared and entered in the receipt scroll.
  • Rule 125 of Income Tax Rules, 1962 provisions for Electronic Payment of Tax by way of internet banking facility, for a Company and a Person to whom provisions of section 44AB of the Act are applicable.

Timely Filing:

  • The due date to file TDS statements for Q4, FY 2013-14 is 15th May, 2014.
  • Please submit the statement within due date to avoid Late filing fee, which, being statutory in nature, cannot be waived

Correct Reporting:

  • Please use your correct contact details, including Contact Number and email IDs in TDS Statements.
  • It is very important to report correct and valid particulars in respect to deductor and deductees. Please report the TAN of the deductor, Category (Government / Non-Government) of the deductor, PAN of the deductees and other particulars of deduction of tax correctly in the quarterly TDS statement.
  • Please make use of TAN-PAN Master from TRACES to Validate PAN and name of deductees before quoting it in TDS statement. Please note that there are restrictions for correction of PAN.
  • Quote correct and valid lower rate TDS certificate in TDS statement wherever the TDS has been deducted at Lower/Nil rate on the basis of certificate issued by the Assessing Officer. Please raise Flag “A”/ “B”, as appropriate, and quote valid and correct Certificate Numbers.
  • TDS statement must be filed by quoting challan(s) using correct Challan Identification Number (CIN), validated by CSI (Challan Status Inquiry) File and correct Book Identification Number (BIN), as appropriate.
  • Please maintain your correct Contact details in your Registration profile at TRACES.

Complete Reporting:

  • Please ensure completeness of your TDS statement by including all your deductees. Please note that the obligation to report each transaction correctly in the relevant quarter is on the deductor and non-compliance amounts to incorrect verification of completeness of TDS statement.
  • Completeness of statement will ensure that a C5, C3 or C9 correction can be avoided. It may be noted that CPC (TDS) does not encourage C9 corrections by addition of a new challan and underlying deductees.
  • Please also complete Annexure II (in case of 24Q) for all deductees employed for any period of time during the current financial year, including Annexure I for TDS details.

Downloading TDS Certificates from TRACES:

  • On the basis of information submitted by the deductor, CPC(TDS) will issue TDS Certificates that can be correct depending on correct and complete reporting by deductors.
  • Your attention is invited to CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from TRACES.
  • Please note that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source.

File Income Tax Return for Asstt. Year 2014-15 without login on TRACE.

The Income Tax Department has developed the latest JAVA Technology ITR Forms ITR-1 (Sahaj) & ITR-4S (Subam) which have been made to make it user friendly for Asstt. Year 2014-15.  This utilitycan be run on Windows 7.0 or above and latest Linux operating systems, where Java Runtime Environment Version 7 Update 13 (jre 1.7 is also known as jre version 7) or above is installed. 

Features of ITR Form :

  1. New – On click of this button, a new copy of the ITR form will be available. If you have already opened the ITR form, you will be prompted to save the earlier copy.
  2. Open -This option is for importing the XML (successfully generated earlier) of a particular A.Y. Select the path and import the XML. You should check/validate the contents before finalizing upload/submission. 
  3. Save – You can save your completed XML in the desired path/location of your desktop. 
  4. Save Draft – This option can be used to save your XML. Please note you cannot upload an XML which was saved using the ‘Save draft’ option. Only a complete XML generated using the ‘Save’ option can be uploaded successfully. 
  5. Prefill -This option can be used to auto-fill your Personal, Address and Tax details. You will be prompted to provide your User ID, Password and DOB/DOI to fetch the data. It is advisable to complete this activity before you start entering other data. Please check/validate the contents. Please make sure you’re connected to the internet to avail this feature. 
  6. Re-Calculate – On clicking this button, the data in the utility will be re-calculated. This is to provide with the utility based calculation/validation. 
  7. Submit -Click this button to upload the XML in e-Filing portal. You’ll be prompted to provide your e-Filing credentials, User ID, Password and DOB/DOI. Post submission, the success message and the acknowledgment number will be displayed. You will be able to download ITR-V. Please make sure you’re connected to the internet to avail this feature. (if the return is submitted without a DSC) as well. 
  8. Help – This option will let you know the shortkeys, instructions, settings and how to use this ITR form. 
  9. Previous/Next– These will help you to navigate to the various tabs of the ITR form.
Important Shortcut keys : 

1 Alt + N Opens a new ITR 
2 Alt + S Saves the ITR in the user desired path 
3 Alt + F4 Closes the utility 
4 Alt + I Imports the XML file 
5 Alt + F Pre-fills the ITR 
6 Alt + C Clears the validation errors 
7 Alt + D Hides/Shows the validation window 
8 Alt + G Opens the SUBMIT screen to submit the ITR 
9 Alt + R Re-calculates the tax details as per the Utility

Important due dates of eTDS and eTCS returns

Important due dates in the month of March 2014 has been given below: 

• Due date to deposit tax deducted (TDS) in March 2014 – 30.04.2014

• eTDS return due date for salary Q4 (01.01.2014 to 31.03.2014) (form 24 Q) – 15.05.2014

• eTDS return due date for other than salary Q4 (01.01.2014 to 31.03.2014) (26Q) – 15.05.2014

• Due date for form 16(salary) FY 2013-14 – 31.05.2014

• Due date for Form 16A quarter four (01.01.2014 to 31.03.2014) – 30.05.2014

Due dates for eTDS returns (Form 24Q for salary and 26Q for contractors others, 27Q for non-resident for Financial Year 2014-15 

Due date eTDS return 24Q, 26Q 27Q and Form16, Form 16A

Sl. No.

Quarter ending

 For Govt offices 

For other deductors

Etds return Form 16A Etds return Form 16A

1

30th June 31st July 15th August 15th July 30th July

2

30th September 31st October 15th November 15th October 30th October

3

31st December 31st January 15th Feburary 15th January 30th January

4

31st March 15th May  30th May        (31st May   for form 16) 15th May 30th May   (31st May for form 16)

Due date for TCS (Tax collection at source ), eTCS return (27EQ), TCS certificate (27D) for March 2014 

• TCS payment: 07.04.2014  (rule 37CA)

• eTDS return (27EQ): 15.05.2014 (Rule 31AA)

• Form 27D: 30.05.2014 (Rule 37D)