New File Validation Utilities (FVUs) Version 8.6 & 2.182 released on 19th April, 2024

In this updated version changes have an impact only in Form 24Q (Annexure II) where the tax computation of each employee needs to be reported as part of the TDS Return. This applies only in the for Quarter 4. These changes are summarized as under:

From FY:23-24 onwards, by default all employees are placed in the new regime for taxation u/s 115BAC(1A). This may be opted out for those employees, who would like their tax to be computed under the old regime. Till FY:22-23, one had to opt for the new regime, but now it is the other way around. Requisite validation updates have been made.
From FY:23-24 onwards, in the new regime, Standard Deduction u/s 16(ia) has been introduced (it was not there till FY:22-23). This has now been addressed in this FVU.

Following new versions of File Validation Utilities (FVUs) for e-TDS/TCS statements have been released by the Income Tax Department. The key features of these FVUs are summarized as under:

FVU Version 8.6 – Applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards.

FVU Version 2.182 – Applicable for quarterly TDS/TCS statements from FY 2007-08 up to FY 2009-10.

This version of FVU is applicable with effect from April 19, 2024 onwards.

By GST Info Tamil

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