Archive for the ‘TCS’ category

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Preparation of correction TDS / TCS statement

July 16th, 2011

As directed by DIT (Systems), deductors/collectors are advised to prepare correction TDS/TCS statements using consolidated TDS/TCS file only, provided by TIN. Consolidated TDS/TCS file is provided to registered TANs. Detailed procedure for registration of TAN and procuring consolidated TDS/TCS file is available at TIN website (www.tin-nsdl.com) under the service menu.

In view of the above you are advised to prepare correction statement using consolidated TDS/TCS file provided by TIN.

It is also informed that update of section code in quarterly TDS/TCS statement is allowed in case status of the challan/ transfer voucher is booked/ provisionally booked.

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Posted in NSDL, TCS, TDS

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New & improved JS@eTDS Software released

June 16th, 2011

The JS@eTDS Software for the F.Y. 2011-12 has been released with many new features & added improvements and is economically priced at Rs. 1195/- only.

Newly added features in JS@eTDS (F.Y. 2011-12):

  • Integrated NSDL FVU
  • Auto download of CSI file
  • FVU generation in a click
  • Data import from FVU files
  • Reports in PDF/Excel/Word
  • Web based instant updation

Use the JS@eTDS Software for convenient filing of your eTDS and eTCS returns on time. Click here to Order Now

You can also start processing your first quarter returns for F. Y. 2011-12 at no cost using the new Trial Version of JS@eTDS. Click here to download the Trial Version

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Posted in Softwares, TCS, TDS

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New File Validation Utilities (FVU) released by NSDL

March 22nd, 2011

NSDL has released new File Validation Utilities (FVU) as under:-

1.  FVU 3.1       (Applicable for F.Y.2010-11 onwards)

2.  FVU 2.130   (Applicable up to F.Y.2009-10)

The key features of the File Validation Utility (FVU) version 3.1:

  1. FVU 3.1 will be applicable for quarterly TDS / TCS statements pertaining to F.Y. 2010-11 onwards and will be mandatory w.e.f. April 01, 2011.
  2. It will be mandatory to quote Mobile No. in quarterly TDS / TCS statements for Deductor category other than Central Govt. and State Govt.
  3. Re-introduction of PAN Reference No. field in deductee / collectee details.
  4. Provision to quote the deduction under Section 80CCF in Salary Details (applicable for 24Q – Q4).
  5. ‘Surcharge’ amount in Salary Details (provided annually in Annexure II — 24Q Q4) should be less than or equal to ‘Total Taxable Income’.
  6. ‘Education Cess’ amount in Salary Details (provided annually in Annexure II — 24Q Q4) should be less than or equal to ‘Total Taxable Income’.
  7. ‘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’.
  8. Highlighting of transaction where tax has not been deducted as threshold limit is not exceeded (as per the provisions of Income Tax Act) in the first quarter (s) but in subsequent quarter has exceeded the threshold limit.

For further details please visit http://tin-nsdl.com/

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Posted in NSDL, TCS, TDS

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Forthcoming changes in TDS / TCS filing for Quarter 4

February 25th, 2011

In a recent communication, NSDL has outlined the following changes in eTDS statement filing for the Fourth Quarter:

  • It will be mandatory to provide the mobile number of the responsible person
  • Currently the system accepts TDS amount without proper calculation of Amount Paid / Credit * TDS Rate. Now, this would be strictly implemented
  • Deductee records will have to be flagged to show that the amount paid / credited is below the threshold limit, hence it is without tax deduction at source
  • Deductee records will have to be flagged where excess tax has been deducted
  • While making correction returns it will now be possible to update the Provisionally Booked Challans that is downloaded from the consolidated statement
  • Deductions u/s 80CCF will have to be shown separately in the Salary details as part of Form 24Q
  • Downloading of the consolidated statement would be simplified based on suggestions received from all around

Please note that official announcement and system modifications are still to be received from NSDL / Income Tax Dept. Once all details are in place, as usual we shall promptly update JS@eTDS Software (F.Y. 2010-11) to ensure trouble free filing of your TDS / TCS returns.

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Due date for filing of TDS / TCS returns of Quarter 3

January 7th, 2011

The last date for filing TDS / TCS returns for the third quarter (Q3) of F.Y. 2010-11 is 15th January, 2011.

With JS@eTDS Software you have a convenient option of generating your eTDS returns and subsequently generating & priniting TDS certificates.
Further, also note, last date for issuance of the TDS certificate for the third quarter (Q3) is 30th January, 2011.

4,319 comments »

Posted in Softwares, TCS, TDS

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