TDSMAN software has been updated for the newly released File Validation Utilities (FVU ver. 4.0 and FVU ver. 2.136). All licensed and trial users are advised to immediately update their software for preparing the TDS/TCS returns for FY: 2013-14. Click here to view the key features of FVU version 4.0 Click here to view the…
Deductors will not be able to file nil-returns after new File Validation Utilities (FVU 4.0 & FVU 2.136) are made applicable. This is because it is clearly stated in the new rules that It is mandatory to have deductee records in the nil-challans.
The Income Tax Department has released the following new File Validation Utilities on 26 September, 2013 which would be mandatory from October 01, 2013: FVU version 4.0 – For Statements pertaining to FY 2010-11 onwards. FVU version 2.136 – For Statements pertaining to FY 2007-08 to FY 2009-10. FVU version 3.9 and FVU Version 2.135…
Change in validation of Section code 194LC: Section code 194LC will be applicable only for deductor category (as per the statement) Company and Branch of Company. This validation will apply for regular and correction statements. Incorporation of new section code 194LD: This Section code will be applicable for: Regular and correction statements pertaining to FY 2013-14…
Nil challans/transfer vouchers with deductee record: Validation as below is applicable: Nil challans/transfer vouchers need to mandatorily have deductee records. In deductee records, flag in the remarks for lower or non-deduction should be A or B (as applicable). This validation will apply for regular and correction statements. Last provisional receipt number to be quoted in regular…
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Last date for payment of tax deductions/collections for September – 7th October, 2013 Last date of filing of TDS/TCS returns for Q2 of FY: 2013-14 – 15th October, 2013 Last date for issuance of TDS/TCS certificates for Q2 of FY: 2013-14 – 30th October, 2013
Specified class or classes of persons to be exempted from filing Return of Income [Section 139(1C)]. (1) Under section 139(1), every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit. (2) For reducing the compliance burden of small taxpayers, the…
The non-quoting of PAN by deductees in many cases have led to delay in issue of refund on account of problems in the processing of returns of income and in granting credit for tax deducted at source. With a view to strengthening the PAN mechanism, section 206AA provides that any person whose receipts are subject…
From June 2013, purchaser of property with value of Rs 50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller. The TDS payment process and the steps to be…