Release of File Validation Utility (FVU) Version 7.3
FVU (File Validation Utility) Version 7.3 & Version 2.169 has been released on 13thOctober 2021. This has been released after resolving technical issues in Versions 7.2 & 2.168.
Summary of changes in the two back-to-back releases are as under:
Introduction of additional Sections
| Sec. 194P – Form 24Q
| Deduction of Tax in case of specified Senior Citizens. Value ‘C’ in Remarks column will be Applicable for this section in case of non-availability of PAN.
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| Sec.194Q – Form 26Q
| TDS on payment of certain sums for Purchase of Goods. Values ‘S’ & ‘C’ will be applicable for this section.
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| Sec. 196D(1A) – Form 27Q
| Income of specified Fund from Securities referred to in Clause (a) of sub-section (1) of Section 115AD (other than interest income referred to in Section 194LD). This section will be applicable where the date of payment is on or after 01/11/2020.
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Additions on New Values in ‘Remarks’ column
| Remark ‘P’ Form 26Q | This is for ‘No Deduction’: - on account of payment of Dividend made to business trust referred to Clause (d) of the second provision to Section 194, or - in view of any notification issued under Clause (e) of the second provision to Section 194
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| Remark ‘Q’ Form 26Q | This is for ‘No Deduction’ in view of payment made to an entity referred to in Clause (x) of sub-section (3) of Section 194A.
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| Remark ‘U’ Form 26Q | This is applicable to all Sections except 192A, 194B, 194BB, 194LBC, 194N & 194NF
This for Deduction at a higher rate for non-filing of Income Tax Return in view of Section 206AB.
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| Remark ‘I’ Form 27Q | This is for ‘No Deduction’ in view sub-section of Section 196D & 196D(1A) in respect of income of the nature of Capital Gains on transfer of securities referred to in Section 115AD paid of payable to a Foreign Institutional Investor.
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| Remark ‘H’ Form 27Q | This is for ‘No Deduction’ in view of provision to sub-section (1A) of Section 196D in respect of an income paid to a specified fund which is exempt under Clause (4D) of Section 10.
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| Remark ‘J’ Form 27Q | Applicable to all Sections except 192A, 194LBC, 194N & 194NF
This for Deduction at a higher rate for non-filing of Income Tax Return in view of Section 206AB by the non-resident having permanent establishment in India.
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| Remark ‘I’ Form 27EQ | Applicable to all wherever TCS Sections. This applies for Collection at a high rate in view of Section 206CCA.
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Validation Change - in existing Sections
| Section 194K Form 26Q | Existing Remark ‘B’ will also be applicable to Section 194K from FY:2021-22 onwards. This is in addition to the other sections where it is already applicable.
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| Section 196D Form 27Q | In case PAN of Deductee is not available, other details like email, address, etc. can be provided. Existing Remarks ‘C’ (for ‘Higher Deduction’) and ‘G’ (for ‘No Deduction’) will also be applicable for Section 196D.
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Links:
Key Features – FVU Version 7.3 & 2.169
Key Features – FVU Version 7.2 & 2.168
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