National Securities Depository Limited, an Indian central securities depository, released the new features in e-TDS and TCS. The NSDL has amended and updated the e-TDS TCS RPU utility for the purpose of preparing TDS or TCS returns.
NSDL has enabled the e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version 7.1 for FY 2010-11 onwards.
The New Column
- “Whether opting for taxation u/s 115BAC [Yes/No]” is added under Annexure II (Salary details) for Form 24Q-Q4. If the user selects ‘Yes’, the below-mentioned deductions will not be allowed under Annexure-II namely
- Deductions under Chapter VI-A (except for deduction under 80CCD(2)),
- Deductions under section 16,
- House Rent Allowance [Section 10(13A)]
- Travel concession or assistance [section 10(5)] and
“Values in the newly added field” shall be allowed only when the financial year of the statement is 2020-21 and Quarter 4 onwards is selected. For the rest prior FYs and quarters, this field is not applicable. The same shall be applicable for regular as well as correction statements.
If “Dividend” is present in the field Nature of Remittances then Fields in the Form 27Q i.e.
- ‘Email ID of deductee’,
- ‘Address of deductee in the country of residence’ and
- ‘Contact Number of the deductee’,
- ‘Tax identification number / Unique identification number’ is compulsory only if the following three conditions are satisfied.
Firstly, if the rate of deduction is lower than 20%-Remark value as ‘C’.
Secondly, the Permanent Account Number of the deductee is not available (i.e. ‘PANNOTAVBL’, ‘PANAPPLIED’ or ‘PANINVALID’)
Thirdly, value under field no. 36 (that is Nature of remittances) is
- Interest payment,
- Royalty,
- Fees for technical services/ fees for included services,
- short term capital gains or
- Long term capital gains and
- Dividend
The same shall be applicable for regular as well as a correction (C3 correction) statements pertaining to Financial Year 2020-21 Q3 onwards.
