NEW ETDS FVU 3.1 REGULAR FVU 2.130 CORRECTION RELEASED

[SureTDS - eTDS experts discussion group]

Key features of File Validation Utility (FVU) version 3.1

• FVU 3.1 will be applicable for quarterly TDS/TCS statements
pertaining to FY 2010-11 onwards and will be mandatory w.e.f April 01,
2011.
• Mandatory to quote Mobile No. in quarterly TDS/TCS statements for
deductor category other than Central govt. and State Govt.
• Provision to quote the deduction under section 80CCF in salary
details (applicable for 24Q Q4).
• Total deduction under chapter VI A to include:
o Deduction under section 80CCE
o Deduction under section 80CCF
o Deduction under other sections of chapter VI A
• ‘Surcharge’ amount in salary details (provided annually in Annexure
II -- 24Q Q4) should be less than or equal to ‘Total Taxable Income’.
• ‘Education Cess’ amount in salary details (provided annually in
Annexure II -- 24Q Q4) should be less than or equal to ‘Total Taxable
Income’.
• ‘Net Income tax payable’ amount in salary details (provided annually
in Annexure II -- 24Q Q4) should be less than or equal to ‘Total
Taxable Income’.
• Highlight transaction where tax has not been deducted as threshold
limit is not exceeded (as per the provisions of Income Tax Act). in
the first quarter (s) but in subsequent quarter has exceeded the
threshold limit.
• Guidelines for reporting such transactions is as below:

Guidelines for reporting TDS transactions where amount paid to
deductee has not exceeded the threshold limit in the first quarter but
in subsequent quarters has exceeded threshold limit (as issued by the
Directorate of Income Tax – Systems)

1) Flag “Y” should be selected in the field of ‘Reason for non
deduction/ lower deduction’ to highlight transactions where TDS is not
deducted as the threshold for deducting tax has not exceeded.
2) If threshold flag is provided then rate of deduction should be
‘0.0000’ and tax deducted/ deposited (deductee) amount should be
‘0.00’.
3) Threshold flag is can be quoted only against the following section
codes in corresponding challan details:
193,194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J,
194LA
4) Example:
• In case there is no deduction of tax in the first two quarters of a
F.Y., where the prescribed rate of deduction as per Income Tax Rules
is 10%, the deductor should report those transactions in the
respective quarterly TDS statements with zero rate of deduction
(‘0.0000’), zero tax deducted/ deposited (‘0.00’) and amount paid in
the respective quarters with threshold flag.

• In the third quarter the threshold limit exceeds, the deductor will
mention the prescribed rate of deduction, the amount paid in the third
quarter, tax deducted/ deposited (deductee) on the total amount paid
till that quarter. The same is represented as follows:

Visit the links below for more details:

http://tin.nsdl.com/downloads/TDS_FVU_3.1.exe
http://tin.nsdl.com/downloads/Key_features_FVU_3.1.doc