· FVU 3.2 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’.
· Guidelines for reporting TDS transactions not exceeding / exceeding threshold limit in quarterly TDS statements (as issued by Directorate of Income Tax - Systems).
Below guidelines may be referred, if deductor wishes to report the transaction in the quarterly TDS statement where no tax is deducted as threshold limit (as per the provisions of the Income tax Act) of amount paid/credited to deductee has not exceeded in the initial quarter (s) but has exceeded in subsequent quarter.
1) Flag “Y” may be selected in the field of ‘Reason for non deduction/ lower deduction/ higher deduction’ to highlight transactions where TDS is not deducted as the threshold for deducting tax has not exceeded.
2) Threshold flag 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
193, 194, 194A, 194B, 194BB, 194C, 194D, 194EE, 194G, 194H, 194I, 194J, 194LA
3) Following approach may be referred for reporting threshold transactions in quarterly statements:
1. 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%. In the third quarter the threshold limit exceeds.
Approach 1:
The deductor may 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. 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:
| Pertaining to quarter | Reporting Quarter | PAN | Rate of deduction | Date of payment* | Amount paid (Rs.) | Date of deduction | Amount deducted (Rs.) | Amount deposited (Rs.) | Reason for non deduction /lower deduction |
| Q1 | Q1 | PAN1 | 0 | Q1 | 1,00,000 | - | 0 | 0 | Threshold flag Y present |
| Q2 | Q2 | PAN1 | 0 | Q2 | 1,00,000 | - | 0 | 0 | Threshold flag Y present |
| Q3 | Q3 | PAN1 | 30 | Q3 | 1,00,000 | Q3 | 30,000.00 | 30,000.00 | No flag present |
*The deductor must report the actual date of payment irrespective of the manner of reporting
Approach 2:
The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows:
| Pertaining to quarter | Reporting Quarter | PAN | Rate of deduction | Date of payment* | Amount paid (Rs.) | Date of deduction | Amount deducted (Rs.) | Amount deposited (Rs.) | Reason for non deduction /lower deduction |
| Q1 | Q3 | PAN1 | 0.0000 | Q1 | 1,00,000 | - | 0 | 0 | Threshold flag Y present |
| Q2 | Q3 | PAN1 | 0.0000 | Q2 | 1,00,000 | - | 0 | 0 | Threshold flag Y present |
| Q3 | Q3 | PAN1 | 30.0000 | Q3 | 1,00,000 | Q3 | 30,000.00 | 30,000.00 | No flag present |
*The deductor must report the actual date of payment irrespective of the manner of reporting
Approach 3:
The deductor may report all transactions in the quarter in which the threshold has exceeded, represented as follows:
| Pertaining to quarter | Reporting Quarter | PAN | Rate of deduction | Date of payment* | Amount paid (Rs.) | Date of deduction | Amount deducted (Rs.) | Amount deposited (Rs.) | Reason for non deduction /lower deduction |
| Q1 | Q3 | PAN1 | 10.0000 | Q1 | 1,00,000 | Q3 | 10,000.00 | 10,000.00 | Threshold flag Y present |
| Q2 | Q3 | PAN1 | 10.0000 | Q2 | 1,00,000 | Q3 | 10,000.00 | 10,000.00 | Threshold flag Y present |
| Q3 | Q3 | PAN1 | 10.0000 | Q3 | 1,00,000 | Q3 | 10,000.00 | 10,000.00 | No flag present |
*The deductor must report the actual date of payment irrespective of the manner of reporting
· For validating e-TDS/TCS statement (regular and correction) for FY 2010-11 and onwards refer the table below:
Tags-fvu 3.2,3.2 fvu, new fvu
