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NSDL has released the new file validation utility, FVU 5.2 version for filing quarterly TDS/TCS Statements, applicable from 17^th September 2016.

FVU Version 5.2 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards

FVU version 2.148 for quarterly e-TDS/TCS statement up to FY 2009-10

Saral TDS has been updated with the above said latest FVU, to get the same please update your software version to latest version (v16.05) through Utilities menu >> WebUpdates in SaralTDS software.

The changes in the new FVU 5.2 are as follows:

1. Aggregate rent payment exceeds rupees one lakh during the previous year:

• The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards.
• If the rent payment exceeds rupees one lakh, in such case, flag value ‘Yes’ is to be mentioned under the above referred field, else flag value ‘No’ is to be mentioned.
• If the flag value is ‘Yes’, in such case, PAN and Name of the landlord is to be mandatorily mentioned. The details (i.e. PAN and Name) of maximum to four landlords can be mentioned.

2. Deduction of interest under the head ‘Income from house property’ (which is paid to the lender):

• The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards.
• If the interest is paid to the lender, in such case, flag value ‘Yes’ is to be mentioned under the above referred field, else flag value ‘No’ is to be mentioned.
• If the flag value is ‘Yes’, in such case, PAN and Name of the lender is to be mandatorily mentioned. The details (i.e. PAN and Name) of maximum to four lenders can be mentioned.

3. Deduction of tax from contributions paid by the trustees of an approved superannuation fund:

• The above is applicable for regular as well as correction statements pertaining to FY 2013-14 onwards.
• If the contribution is paid by the trustee, in such case, flag value ‘Yes’ is to be mentioned under the above referred field, else flag value ‘No’ is to be mentioned.
• If the flag value is ‘Yes’, in such case, below fields are applicable and values in all these fields is to be mandatorily mentioned.
• Name of the superannuation fund
• Date from which the employee has contributed to the superannuation fund
• Date to which the employee has contributed to the superannuation fund
• The amount of contribution repaid on account of principal and interest
• The average rate of deduction of tax during the preceding three years
• The amount of tax deducted on repayment
• Gross total income including contribution repaid on account of principal and interest from superannuation fund.

Addition of new fields for Form 27Q under Annexure l (i.e. deducteedetails) as below:

1. The following new fields have been incorporated:

• Email ID of the deductee
• Contact number of deductee
• Address of deductee in country of residence
• Tax Identification Number/ Unique Identification Number of deductee

2. The above is applicable for regular as well as correction statements pertaining to FY 2016-17 onwards.

3. The values in all the above new fields will be mandatory, if all the below conditions are fulfilled else the values in these fields are optional.

• Value in the field no. 10 i.e.“PAN of the deductee” from deductee details record is PANINVALID or PANAPPLIED or PANNOTAVBL and
• Value in the field no. 26 i.e. “Rate at which Tax Deducted” from deductee details record is less than 20% and
• Value in the field no. 30 i.e. “Remarks 1” from deductee details record is “C”

Changes in Form 27A generated from File Validation Utility.

The Quarter of the statement is made available in Form 27A as generated from FVU.

Example: if the statement is validated from FVU pertaining to FY 2016-17 of the second quarter (i.e. July 1, 2016 to September 30, 2016), in such case, Form 27A will have the following statement ‘Form for furnishing information with the statement of Deduction / collection of tax at source (tick whichever is applicable) filed on Computer media for the period Q2’.

Sourced from NSDL