Key features of NSDL Form 24G RPU / FUV version 1.4 wef 26.12.2014
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 for the Form 24G Statements from FY 2005-06 onwards released (26/12/2014)
Key features of NSDL Return Preparation Utility (RPU) version 1.4
· Quoting of structurally valid TAN of DDO: Quoting of structurally invalid TAN of DDO has been discontinued i.e., values quoted, that do not conform the structural validity of TAN (including "TANNOTAVBL" , "TANAPPLIED" and "TANINVALID") will not be allowed/validated by RPU.
· Integration of RPU and latest File Validation Utility (FVU): On creation of file through RPU, the same will also be validated by the FVU i.e., user will not be required to again validate file (created by RPU) through FVU.
· Generation of Form 24G Statement statistic report in pdf format
· Auto population of values for below fields in Form24G Statement statistic report:
o Name of responsible person
o Date of preparation of Form 24G statement
o Place
· Return Preparation Utility (RPU) version 1.4, will be applicable with immediate effect i.e., from December 27, 2014 onwards.
Key features of File Validation Utility (FVU) version 1.4
· Quoting of structurally valid TAN of DDO: Quoting of structurally invalid TAN of DDO has been discontinued i.e., values quoted, that do not conform the structural validity of TAN (including "TANNOTAVBL" , "TANAPPLIED" and "TANINVALID") will not be allowed/validated by FVU.
· Generation of Form 24G Statement statistic report in pdf format
· Auto population of values for below fields in Form 24G Statement statistic report:
o Name of responsible person
o Date of preparation of Form 24G statement
o Place
· File Validation Utility (FVU) version 1.4, will be applicable with immediate effect i.e., from December 27, 2014 onwards.
Link to Download Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.4 –
https://www.tin-nsdl.com/form-24g/form24g-download.php
Quarter wise details of PANs and transactions, where such errors have been identified are available in the Justification Reports that can be downloaded from TRACES. Therefore, you may take immediate steps to correct Invalid/ Incorrect PANs that have been reported in the statement. In case, the PAN was Not Available / Applied For at the time of reporting the transaction, the deductee may be contacted and respective PAN may be replaced.
Change in processing of Quarterly TDS Statements
Centralized Processing Cell (TDS), in its constant endeavor to improve services, is glad to update you with a significant change in processing of Quarterly TDS Statements. This change has been initiated in view of feedbacks received from deductors, to avoid defaults that may arise due to inadvertent data entry errors.The central point in the new process is identifying errors in challan/ PANs and facilitating their corrections before CPC (TDS) computes defaults in TDS statements. Following are the salient features of the new process:
What is new ?
1. Step 1: CPC (TDS) will first process Original TDS Statements till the stage of 26AS generation for deductees reported.
2 Step 2: Short Payments and PAN Errors will be identified in the preliminary check of the Original statements.
3. Step 3: The statements will be placed "On Hold" for further processing and an opportunity will be provided to correct potential defaults of Short Payment and PAN Error.
4. When the statement is placed on Hold, CPC (TDS) will intimate you through following means :
- e-mail at the Registered e-mail address at TRACES
- SMS at Registered Mobile Number with TRACES
- Message will be delivered to the Deductor's Inbox in TRACES
5. The above correction needs to be carried out by using Online Correction feature at TRACES within 7 days of above communication.
It is, therefore, advised that the deductors may ascertain status of the TDS statements within 7 days of filing with TIN Facilitation Centre.
What are the advantages:
- You would have preliminary information of potential Short Payments and PAN Errors, before the Original Statement is completely processed for Defaults and Intimations are generated.
- Correction of above defaults using Online Correction can be submitted before final processing of statements.
- Above action will facilitate avoidance of multiple Correction Statement filing later, after the defaults are identified CPC (TDS) and Intimations have been sent.
What actions to be taken :
- Please take note of the Intermediate communication from CPC (TDS) and submit Online Correction for potential defaults in TDS statement within the stipulated time frame.
- Only "Online Correction" facility can be used for correction of above Short Payments and PANs
To avail the facility, you are requested to Login to TRACES and navigate to Defaults tab to locate Request for Correction from the drop-down menu.
Please note that Digital Signature will be required to avail the benefit of complete correction features, including PAN Corrections. In view of Q3 filing due date approaching fast, you are requested to procure Digital Signature Certificate at the earliest.
- PAN Verification facility on TRACES can be used for verifying the deductees. You are requested to navigate to Dashboard to locate PAN Verification in the Quick Links menu.
- You can make use of the "Consolidated TAN – PAN File" that includes all the valid PANs attached with the respective TANs. To avail the facility, please navigate to Dashboard to locate Consolidated TAN – PAN File.
- The action requires to be completed within 7 days of Intermediate communication from CPC (TDS).
Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either "Not Available" or "Invalid". The "Invalid" PANs appear structurally valid, however, they are actually incorrect, as they are not available in the PAN [
TDS statements – 'Not Available' or 'Invalid' PAN – Impact & action to be taken
Centralized Processing Cell (TDS) has observed from its records that though you have reported deductees with more than Rs. 50,000 of TDS in your Quarterly TDS statements, but the PANs are either "Not Available" or "Invalid". The "Invalid" PANs appear structurally valid, however, they are actually incorrect, as they are not available in the PAN Master records.
Please note the following details in reference to your TDS statements for Financial Year 2013-14 only for Form types 24Q & 26Q:
Form Type 24Q:
| PAN Not Available | PAN Applied For | Invalid PAN | ||||
| Instances | TDS | Instances | TDS | Instances | TDS | |
Q1 2013-14 | ||||||
| Q2 2013-14 | ||||||
| Q3 2013-14 | ||||||
| Q4 2013-14 | ||||||
Form Type 26Q:
| PAN Not Available | PAN Applied For | Invalid PAN | ||||
| Instances | TDS | Instances | TDS | Instances | TDS | |
| Q1 2013-14 | ||||||
| Q2 2013-14 | ||||||
| Q3 2013-14 | ||||||
| Q4 2013-14 | ||||||
Immediate Attention:
Quarter wise details of PANs and transactions, where such errors have been identified are available in the Justification Reports that can be downloaded from TRACES. Therefore, you may take immediate steps to correct Invalid/ Incorrect PANs that have been reported in the statement. In case, the PAN was Not Available / Applied For at the time of reporting the transaction, the deductee may be contacted and respective PAN may be replaced.
Quarter wise details of PANs and transactions, where such errors have been identified are available in the Justification Reports that can be downloaded from TRACES. Therefore, you may take immediate steps to correct Invalid/ Incorrect PANs that have been reported in the statement. In case, the PAN was Not Available / Applied For at the time of reporting the transaction, the deductee may be contacted and respective PAN may be replaced.
What is the impact:
The impact of such errors is significant in nature, in view of following:
- You would not have been able to generate TDS Certificates for deductees with such PANs. In case, you have issued TDS Certificates outside TRACES, they will not be valid.
- In view of CBDT circulars 04/2013 dated 17.04.2013, No. 03/2011 dated 13.05.2011 and No. 01/2012 dated 09.04.2012, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.
- Correct TDS Credits in 26AS statements to the taxpayers will not be available and they will not be able to avail the same, while filing their Income Tax Returns.
- As per section 206AA of the Income Tax Act, the tax is to be deducted at a higher rate, in case of "Not Available/ Invalid PANs". Therefore, Short Deduction, including Interest is charged, if the tax has not been deducted at higher rate or Section Rate, whichever is higher, as per the provisions of section 206AA.
What actions to be taken:
- TRACES provides for a user friendly "Online Correction facility with Digital Signatures" for correction of PANs. To avail the facility, you are requested to Login to TRACES and navigate to "Defaults" tab to locate "Request for Correction" from the drop-down menu.
- You may also download the Conso Files and Justification Reports from TRACES to identify the above errors and submit C5 Correction Statement to correctly complete the details of the deductees.
- PAN Verification facility on TRACES can be used for verifying the deductees. You are requested to Login to TRACES and navigate to "Dashboard" to locate "PAN Verification" in the Quick Links menu.
- You can make use of the "Consolidated TAN – PAN File" that includes all the valid PANs attached with the respective TANs. To avail the facility, Login to TRACES and navigate to "Dashboard" to locate "Consolidated TAN – PAN File".
Upon issue of Form 16A TDS certificate, TDS credit has to be given to the payee even if there is Form 26AS mismatch or deductor is at fault for non-deposit of TDS with Govt.
U/s 204, the liability to deduct TDS is on the employer / payer. U/s 205, when tax is deductible at source, the assessee shall not be called upon to pay tax himself to the extent to which tax has been deducted from that income. This means that the assessee / deductee is entitled to credit of such amount of TDS. Even if the deductor, after deducting the TDS, does not deposit the sum with the department, the department has to recover the said amount from the deductor and cannot deny credit to the deductee (Om Prakas Gattani 242 ITR 638 (Gau) & Yashpal Sahni 293 ITR 539 (Bom) followed)Earlier sent..........AO directed to re-examine sec. 11 relief as it was given by CIT(A) relying on additional docs not filed before AO
December 27, 2014[2014] 51 taxmann.com 303 (Ahmedabad - Trib.)/[2014] 33 ITR(T) 56 (Ahmedabad - Trib.)
IT: Where Commissioner (Appeals) had allowed exemption under section 11 to assessee-trust by placing reliance on additional document which was not filed before Assessing Officer, matter required readjudication
No TDS credit available if assessee had failed to offer corresponding income to tax in relevant year
December 27, 2014[2014] 51 taxmann.com 59 (Andhra Pradesh)/[2014] 227 Taxman 202 (Andhra Pradesh)(MAG.)
IT: Whenever an amount deducted as tax at source becomes incapable of being adjusted or counted towards tax payable, it acquires character of income
No deemed income on receipt of advance for assignment of development rights of land if transaction didn't complete
December 27, 2014[2014] 52 taxmann.com 166 (Bombay)
IT : Where assessee received certain advance on assigning development rights of a land, if transaction did not complete for some reason, no income would arise under section 28(iv), particularly when relevant MOU was not yet cancelled
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