The National Securities Depository Limited (NSDL) released the new features in e-TDS and TCS. The NSDL has revised the e-TDS TCS RPU utility for preparing TDS or TCS returns.
The e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version 7.1 for Financial Year 2010-11 onwards have also been released.
The new column “Whether opting for taxation u/s 115BAC [Yes/No]” is added under Annexure II (Salary details) for Form 24Q-Q4. If user selects ‘Yes’, below mentioned deductions will not be allowed under Annexure II namely Deductions under section 16, Deductions under Chapter VI-A (except for deduction under 80CCD(2)), Travel concession or assistance [section 10(5)] and House Rent Allowance [Section 10(13A)].
Values in the newly added field will be allowed only when the financial year of statement is 2020-21 and Quarter 4 onwards is selected. For rest all prior FYs and quarters, this field is not applicable. Same will be applicable for regular as well as correction statements.
If “Dividend” is present in field Nature of Remittances then Fields in the form 27Q i.e. ‘Email ID of deductee’, ‘Contact Number of the deductee’, ‘Address of deductee in country of residence’ & ‘Tax identification number / Unique identification number’ are mandatory only if three conditions are satisfied.
Firstly, if the rate of deduction is less than 20%-Remark value as ‘C’.
Secondly, PAN of the deductee is not available (i.e. ‘PANNOTAVBL’, ‘PANAPPLIED’ or ‘PANINVALID’)
Thirdly, value under field no. 36 (i.e. 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 will be applicable for regular as well as a correction (C3 correction) statements pertaining to F.Y. 2020-21 Q3 onwards. Incorporation of latest File Validation Utility (FVU) version 7.1 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.167 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).
Read the Complete Features here.