FVU 5.0 version released by the NSDL is now updated in Saral TDS

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

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

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

New FVU Released for TDS eFiling: Addition of New Challans in Correction is discontinued

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

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

NSDL is to release new file validation utility for Quarterly TDS Statements to be filed, tentatively by 19th June 2015

ITAT upholds assessee's grievance and deletes fee levied u/s 234E for delayed filing of TDS return, says No enabling provision u/s 200A, prior to June 1, 2015

SaralTDS updated with Latest FVU v4.6 for 4th QTR return filing

Quarterly TDS Returns Processing Changes for Identification of Challan Short Payments, PAN Errors and Correction before CPC- TDS Computes Default

The procedure for PAN allotment process will undergo a change with effect from 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents, for verification at the counter of PAN Facilitation Centers

A new section 194DA has been inserted w.e.f. 01.10.2014 relating to payment in respect of life insurance policy

TDS u/s 194A, the interest income payable by special purpose vehicle to a business trust has been withdrawn w.e.f 01.10.2014

Payment of tax on perquisites by employer

An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at its option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. However, the employer will have to pay the tax at the time when such tax was otherwise deductible i.e.

Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh

Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh

The Online Correction

The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at least one correction for the relevant statement has been processed by CPC (TDS).

Disallowance of expenses u/s 40(a)(ia)

Disallowance of expenses u/s 40(a)(ia) has been extended to all sections of TDS. However Disallowance % has been reduced to 30% from earlier 100%. Means if tds has not been deducted and deposited on 100 Rs then only 30 Rs will be disallowed in that year. Further disallowed amount will be allowed as exp.in year in which tds has will be deducted &

CPC (TDS) has issued an advisory communication in which it has stated about the release of a new feature on TRACES where a Digital Signature Certificate (DSC) can be used for availing various services offered by TRACES

No TDS on service Tax

As per circular 01/2014 dated 13.01.2014 TDS is not applicable on service tax part if service tax is shown separately

TDS by Individual and HUF (Non Audit) case not deductible

An Individual or a Hindu Undivided Family whose total sales, gross receipts or turnover from business or profession carried on by him does not exceeds the monetary limits(Rs.100,00,000 in case of business & Rs.25,00,000 in case of profession) under Clause (a) or (b) of Sec.44AB during the immediately preceding financial year shall not be liab

On December 20, 2014, NSDL has released the new version of File Validation Utilities (FVU version (4.5) and FVU version (2.141)) for quarterly eTDS/TCS statement.

Refund Claim has been enabled from the year F.Y 2013-14. Refund can be claimed or adjusted from preceding one year and succeeding one year

TDS challan payment has been made section independent. Any section amount can be paid in a single challan irrespective of section and deductee code.

Saral TDS v15.00 is been released for the FY 2015-16 return filing purpose

Extension of last date of deposit of TDS/TCS during the month of September 2014, from 7th October to 10th October without entailing any consequential interest

With effect from 1st June 2014, Deductors/Collectors need not submit copy of Provisional Receipt of original statement and Statement Statistics Report (SSR) for furnishing e-TDS/TCS correction statement

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