TIN-NSDL Change Utility of FVU VER-5.4 and RPU Ver-1.9 // 23rd Feb-2017 // MONARCH SOFTWARE UPDATES VERSION SOON // SUNIL RAJAI

TIN-NSDL Change Utility of  File Validation Utility (FVU) version 5.4 and Return Preparation Utility (RPU) version 1.9 // 23rd Feb-2017 // MONARCH SOFTWARE UPDATES VERSION SOON // SUNIL RAJAI

TIN-NSDL Change Utility of  FVU VER-5.4 and RPU Ver-1.9 // 23rd Feb-2017 // MONARCH SOFTWARE UPDATES VERSION SOON // SUNIL RAJAI

- Validation for “PAN of Landlord” field has been revised for form 24Q-Q4 under Annexure II (i.e. Salary details) from F.Y. 2016-17 onwards.

Existing Validation of structurally valid PAN (for field no. 41, 43, 45 and 47 as per data structure) has been relaxed. These fields may contain any value from the below mentioned when the landlord does not have PAN.

1. GOVERNMENT: This is applicable when landlords are Government organizations (i.e. Central or State).

2. NONRESDENT: This is applicable when the landlords are Non-Residents.

3. OTHERVALUE: This is applicable when the landlords are other than Government organization and Non-Residents.

- Validation for non-update of Deductee/Collectee records from Annexure I and Annexure ll in TDS/TCS correction statements when Form 26A/27BA has been generated.

- Deductee/Collectee against which Form 26A/27BA has been generated at Income Tax Department where update will not be allowed on certain fields in Annexure I of Form 24Q, 26Q and 27EQ while submitting correction statement. The certain fields are as below:-

(1) PAN of Deductee/Collectee

(2) Amount of Payment/Credit

(3) Total tax Deducted (Tax + Surcharge + Education cess)

(4) Section code

- Deductee against which Form 26A/27BA has been generated at Income Tax Department where no update or deletion of record will be allowed in Annexure ll of Form 24Q while submitting correction statement.

- Such Deuctee/Collectee records will be present in the TDS/TCS consolidated file with a flag value ‘F’ against the field ‘Mode’ as per specified file format.

- This is applicable from Financial Year 2007-08 onwards.

- e-TDS/TCS correction statements received with the changes not desired as per above, will be rejected at TDS CPC of Income Tax Department.

Incorporation of latest File Validation Utility (FVU) version 5.4 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.150 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).

This version of FVU is applicable with effect from February 23, 2017.

TIN-NSDL Change Utility of  FVU VER-5.4 and RPU Ver-1.9 // 23rd Feb-2017 // MONARCH SOFTWARE UPDATES VERSION SOON // SUNIL RAJAI

GST Compensation Bill gets nod; IGST, CGST and SGST Laws will be taken up in next meeting on 4th-5th March - 2017// MONARCH

GST Compensation Bill gets nod; IGST, CGST and SGST Laws will be taken up in next meeting on 4th-5th March - 2017// MONARCH

GST Compensation Bill gets the formal nod

 

Prospects of Goods and Services Tax (“GST”) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10^th meeting, held on February 18th 2017 at Udaipur. The GST Compensation Bill seeks to stipulate the manner in which States will be compensated in the event of a loss arising in the first five years, due to the implementation of GST.

“The GST compensation law, that if a state has a loss, then for the first five years they will be compensated, the legally vetted draft has been formally approved by the GST Council…It will go before the Cabinet, which will give its approval and we will seek to place it before Parliament in the second half of the Budget session starting on March 9”, Mr. Jaitley said during a press conference.

IGST, CGST and SGST on agenda in next meeting on March 4-5

The GST Council is now expected to approve three other laws viz. IGST, CGST and SGST, when it meets on March 4-5, paving the way for the legislations to be brought to Parliament by around March 9  i.e. in second leg of the Budget session.

The Finance Minister said that the vetting of the legal language of the CGST, SGST, and IGST laws raised a few issues that needed to be clarified to the legal committee of the GST Council.

Some of the issues included the eligibility of membership to the appeal tribunals in the Centre and States, the delegation of powers, the exemptions that can be given during the transition phase, the treatment of work contracts where Service tax and VAT is applied, and issues related to the definition of agriculture.