Regular Return Filing Steps to be followed through SARAL TDS and FAQs

In this post, we shall discuss the procedure to be followed for the process of regular return filing using Saral TDS Software.12 Steps to be followed to do eTDS regular return filing through SARAL TDS:1.  Update Saral TDS to latest version of software (Updated with latest FVU 5.3).2.  Create a file and enter the Deductor, Deductee and Employee de

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Salaried Taxpayers to get SMS alert on TDS deduction

In a new move by the CBDT, salaried taxpayers are to get an SMS alert for the TDS deduction made by the employer. This move was launched by the Finance Minister, Arun Jaitley to minimize the TDS mismatch.This new change has come into picture taking into consideration the small taxpayers who cannot afford to pay twice the amount of tax or be involv

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FVU 5.2 version and the changes in the new FVU

NSDL has released the new file validation utility, FVU 5.2 version for filing quarterly TDS/TCS Statements, applicable from 17th September 2016.FVU Version 5.2 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwardsFVU version 2.148 for quarterly e-TDS/TCS statement up to FY 2009-10Saral TDS has been updated with the above said latest FV

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TDS filing due date for 2016-17

In one of our previous posts, we had given a detailed view about payment and quarterly filing due dates for TDS. This article is an update keeping in mind the latest changes in TDS filing due dates for FY 2016-17.What remains the same as the previous year? The TDS challan payment due date for each month remains the same i.e., for all the months e

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FVU version 5.1 released for FY 2016-17 Q1 eTDS return filing

New FVU version 5.1 Released for Quarterly eTDS Return:EDIT: FVU 5.2 released for filing quarterly TDS/TCS Statements and is applicable from 17th September 2016.TIN-NSDL has released new version of File Validation Utility (FVU version 5.1) for generating eTDS / TCS quarterly statements. The new FVU version 5.1 (for statement pertaining to FY 2010-

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Amendment in Section 206C of the Income-tax Act vide Finance Act 2016 - CBDT Circular for Clarifications

The CBDT vide Circular No. 23/2016 dated. 24 June 2016 has clarified on FAQs of stakeholders regarding amended provisions of Section 206C of the Income Tax Act, i.e. no TCS if cash receipts is upto Rs 2 lakhs even though total consideration exceeds Rs 2 lakhs.Circular No. 23/2016F. No. 370142/17/2016-TPLGovernment of IndiaMinistry of FinanceDepart

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Due Date for filing Form 15G/15H at the ITD Portal

The due date for filing Form 15G/15H at the ITD Portal has been notified by the CBDT.The process of filing self-declaration forms 15G/15H was much talked in recent months with ITD simplifying the procedure making it online. However there were certain questions unanswered regarding the due date for filing Form 15G and Form 15H. CBDT has issued a no

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TDS on Sale of Property 194IA – Due date extended

Due date for filing the statement for Tax Deduction at Source (TDS) on Sale of Property under section 194IA has been extended to 30 days from the end of the month in which tax was deducted.  Earlier, the tax deducted was to be paid within 7 days from the end of the month.CBDT in its notification dated 31st May 2016 had made the changes in Rule 29B

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Latest changes in TDS provisions

In order to bring uniformity and to give Deductors sufficient time for filing TDS/TCS statements CBDT in its notification has amended TDS Provisions w.e.f 1st June 2016.Here are the changes notified:1. Due date for filing TDS statements (Form24Q/26Q/27Q)has been made uniform across Government and Non-Government Deductors, following are the amended

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Procedure to upload 15G and 15H to the income tax department

The income tax department has given out the procedure for the deductor to upload 15G and 15H forms to the Income Tax Department.The first step is from the deductee's side who will be submitting the forms 15G or 15H, either manually or electronically to the deductor. This has to be digitized by the deductor and uploaded to the department website on

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Procedure for TCS/ TDS return filing in the ITD e-filing portal

With effect from 1st May 2016, the online submission of Quarterly TDS/TCS statements will be discontinued at TIN-NSDL website.The Deductors who desires to upload the Quarterly TDS/TCS e-Returns online, shall upload the same at e-Filing Portal of ITD. The Deductor must have registered the TAN at ITD’s e-Filing Portal using a valid Digital Signatu

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FVU 5.0 version features and updation in Saral TDS

New File Validation Utility (FVU 5.0) has been released by NSDL for quarterly TDS/TCS statement filing, applicable from April 13th 2016.FVU 5.0 Features:The key features of File Validation Utility (FVU) version 5.0 is as follows:Remark ‘B’ (No Deduction U/s 197A) is made applicable for Section code 192A (Payment of accumulated balance due to a

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Proposed Amendments in TDS Compliance in Finance Bill 2016

The Finance Bill 2016 proposes a number of changes in order to rationalize the TDS compliance provisions and providing some relief to the taxpayers from withholding tax. Below we have summarized the list of changes below announced in this year’s Budget for easy reference. Changes in TDS threshold limits: The taxable limit on various payments has

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Issue of clarification on contentious TDS issues

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 8th March 2016Subject: Issue of clarification on contentious TDS issuesWith a view to bringing about clarity in the interpretation of certain contentious issues relating to tax deduction at source (TDS) on payments made by television cha

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Correction statement - Procedure of submission

Procedure to submit:The correction statement can be submitted to NSDL only through e-Filing.It can be submitted either through TIN-FC or through Online upload.The submission to TIN-FC carriesA correction statement file [*.fvu]A declaration in Form 27A for the correction by the deductor.An Enclosure of Statistics' report to Form 27A to certify the

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Due date for payment of tds and due date for filing of tds

What is the due date for payment of TDS? Is the same due date applicable for all types of assessees? Will it vary for salaried and non-salaried cases? These questions are some of the most frequently asked and searched queries. In this post, we will see how the due dates are applicable. The due dates for the payment of the deducted TDS are on or be

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TDS Compliance for the month of January, 2016

TDS Compliance for January Points to be noted before filing TDS returns:Update Saral TDS to latest version of software i.e version 15.08 (Updated with latest FVU v4.9)Verify the PAN of Deductees & EmployeesValidate Lower/No Deduction Certificate NumberEnter the Challan details and Verify the ChallanGenerate Data Quality Report (DQR) and check

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Form 15G and Form 15H : Myths and Facts

In some of the previous posts, we have been looking at the different facets concerning Form 15G and Form 15H. There has also been quite some confusions and misinformation floating around. So in this post, we give you some of the important facts regarding the same.MYTHFACTAny person who wishes to avoid tax deduction can make use of Form 15G and Fo

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PAN made mandatory for the following cases

In order to restrain the circulation of black money and to increase the tax base, the government has recently updated the conditions for which quoting of PAN is mandatory. This will be applicable for transactions which exceed a certain limit which is specified.This change was made based on the recommendation of the Special Investigation Team (SIT)

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Procedure to allot UIN for Form 15G/ 15H

As we all know, there have been some changes in relation to Form 15G and Form 15H.In accordance with these changes, the deductor will have to assign UIN (Unique Identification number) for every Form 15G / Form 15H that is being submitted.The procedure to be followed for the allocation of UIN is:The UIN will consist of 3 fields -A sequence number: T

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Form 15G/ 15H - Introduction of new rules

As we have seen in one of the earlier posts, there had been a few changes made for the submission of Forms 15G/ 15H. Now there have been further enhancements made which is covered in this post.One of the conditions that have been relaxed under the revision is the mode of submission of these forms to Deductor.Now an eligible assessee may file Form 1

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New version of FVU v4.9 and v2.145 updated in Saral TDS

As indicated in our earlier communication, the new version of FVU (File Validation Utility), FVU v4.9 and FVU v2.145, is released by NSDL. This is applicable from 19th December 2015 for filing Quarterly TDS/TCS statements.The key features of the new version of FVU(File Validation Utility) are as follows:It is now mandatory to quote ‘Certificate

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CBDT Extends Due date for payment of TDS/TCS in the state of Tamil Nadu

CBDT Extends Due Date for deposit of TDS/TCS for the state of Tamil NaduCBDT extends the due date for payment of TDS/TCS to the credit of Central Government in respect of deduction/collections made during November 2015 from 7th December 2015 to 20th December 2015 in respect of Deductors located in State of Tamil Nadu.This extension came in view of

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Form 15G and 15H submission is been simplified by CBDT

 The CBDT, in its recent notification, has declared that the submitting of Form 15G and 15H has been simplified. This mainly asks the Deductor to have online provisions for accepting the declaration.Now, as we know, if the taxpayer is not seeking any deductions under the section 197A, then (s)he can submit a self-declaration of the same in the for

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Online correction - Addition of new challan

ONLINE CORRECTION FOR ADDITION OF NEW CHALLANIn the latest version of the FVU – version 4. 8 there have been few changes made. One of the change was that the C9 correction, i.e., the addition of new challan through offline was discontinued. Now this will mean that the deductors will not be able to add a new challan in the correction statements fr

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New FVU version 4.8 released for TDS eFiling: Addition of New Challans in Correction is discontinued

The latest File Validation Utility, FVU version 4.8 and version 2.144 has been released by the NSDL for e-Filing of Quarterly TDS/TCS Statements. This will be applicable from 29th September 2015. Some notable changes were observed in the new file structure. They as provided as follows.The most important change is ‘Discontinuation of C9 Correctio

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Income Tax Department acknowledge and thank the Tax Payers

Income Tax Department acknowledge and thank the Tax Payers for the widespread support for its e-Governance system. The remarkable increase in the number of e-filings this year and the introduction of Electronic Verification Code (EVC) has received the appreciation from Tax Payers towards the initiatives taken by the Finance Ministry.Here is the Pr

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Quarterly TDS / TCS - New changes in Statements validation structure (File Validation Utility)

There have been changes in the Quarterly  TDS / TCS Statements validation structure (File Validation Utility). The changes are as listed below for a clear understanding of the Deductors. These changes are expected to be released by September 24, 2015 by NSDL. Change in validation of section 192A transactions:Changes made in the validation are: In

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New File Validation Utility FVU v4.7 is released by NSDL, w.e.f 24th June 2015

NSDL has released the new File Validation Utility (FVU v4.7) for generation of Quarterly TDS Statements which is applicable from 24th June 2015.FVU v4.7, for quarterly e-TDS/TCS statement pertaining to FY 2010-11 on-wards & FVU version 2.143, for quarterly e-TDS/TCS statement up to FY 2009-10.The key features of the new FVU v4.7 are as summariz

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New File Validation Utility v4.7 to be released by NSDL

NSDL is to release new file validation utility for Quarterly TDS Statements to be filed, tentatively by 19th June 2015. The details are as below. New File Validation Utility v4.7 (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 from FY 2007-08 up to FY

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Instruction regarding not to put any inconvenience to Assessee (Deductee) for Non-deposit of TDS by the Deductor - CBDT

Instruction regarding not to put any inconvenience to Assessee (Deductee) for Non-deposit of TDS by the Deductor - CBDT - Order-Instruction - Dated 01-06-2015 - Income TaxNo. 275/29/2014-IT-(B)Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesDated New Delhi, the 1st June, 2015To,The CCsIT (CCA)Subject: Non-dep

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Fee under section 234E is deleted by ITAT for delayed filing of TDS return

Fee under section 234E for delayed filing of quarterly TDS return, deletedIn a recent judgement, the ITAT (Income Tax Appellate Tribunal) have upheld the assessee’s grievance and deletes fee under section 234E for delayed filing of quarterly TDS return.The judgement was in the case of Sibia Healthcare Private Limited against DCIT(TDS-CPC).ITAT(I

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TAN and PAN application fee is revised by NSDL w.e.f 1st June 2015

In view of the increased service tax rate with effect from June 1, 2015, TAN and PAN application fees have been revised as under:1. For dispatch of PAN card in India:- Rs. 106 (inclusive of service tax).2. For dispatch of PAN card outside India: - Rs. 985 (inclusive of service tax).3. For TAN applications:- Rs. 63 (inclusive of service tax)TAN or T

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New FVU 4.6 version released

NSDL has released the much awaited FVU 4.6 version for Statements Pertaining to FY2010-11 onwards and FVU version 2.142 for statement up to FY 2009-10.The new File Validation Utility is applicable from 21st April 2015, and it’s mandatory to generate the quarterly TDS statements using the above mentioned FVU for both regular and correction stateme

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Highlights from Finance Bill 2015

Finance Minister Mr. Arun Jaitley has presented today his first full budget for the fiscal year 2015-16, terming it as a growth focused budget, without tripping on the fiscal deficit constraints. The Finance Minister said the GDP growth is expected to accelerate between 8 to 8.5 percent in the fiscal year starting 2015. The highlights of Budget 20

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NIL RETURN FILING OF TDS THROUGH TRACES FOR FY- 2014-15

A new option has been opened at TDS CPC on TRACES in respect of Nil Returns. The deductor after logging into his account simply has to declare/update the record regarding Nil return in a particular quarter.This in turn while help the deductor to be free from the notices which otherwise are being sent for Non filing of TDS return for that quarter. I

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