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FVU 3.2 : Key Changes

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In quick succession , NSDL has released new FVU version 3.2 for FY 2010-11 and FVU  2.130 for prior years.

FVU version 3.1 was released on March 18,2011. Details can be viewed in our blog https://blog.ffcs.in/2011/03/21/new-validations-fvu-3-1/

Based on user feedback,  the present FVU has been launched

The key changes vis-à-vis  FVU 3.1 are described below

Rounding Off problem leading to T-FV-4278 Error

In our earlier blog Fast Facts Bulletin had mentioned how rounding off to nearest rupee was resulting in validation error T-4278. https://blog.ffcs.in/2011/04/27/fvu-3-1-tds-rounding-off-validation/

This problem was reported to NSDL and Income-tax department and now stands resolved in FVU 3.2

Reporting Transactions below threshold

Transaction below threshold limit must have : “Y” in the column “Reason for non deduction /lower deduction” , 0.00 as rate of Deduction, 0.00 as Amount Deducted, 0.00 as Amount Deposited

 Deductor has option to report such transactions

  • The new guidelines issued by Directorate of Income Tax – Systems state the words “..if deductor wishes to report ……”
  • Hence it is clear that user has the option to report transaction below threshold limit

Deductor can adopt  one of  three approaches to show such transactions

n FVU 3.1 only one method of showing such transaction was given. Now there are three different ways such transactions can be shown. For ease of explanation,we will use the following abbreviations :

TBT :  Transaction below threshold

TCT : Transaction crossing threshold

Approach 1

  • Show TBT and TCT in the same quarter in which payment is made / amount is credited

Approach 2

  • Show TBT in the quarter in which related TBC  is shown and TBT to be shows with Rate 0 and Date of deduction blank

Approach 3

  • Show TBT in the quarter in which related TBC  is shown and TBT to be shows with Applicable Rate  and Date of deduction as date of TBC

Example

Interest paid in Q1, Q2 and Q3. Threshold crossed in Q3

Date of Payment Amount Paid Rate Date of Deduction Tds Amount Flag To be Shown in Approach

01/04/2010

1000

0

0

Y Q1

Approach 1

01/07/2010

1000

0

0

Y Q2

01/10/2010

4000

15

01/10/2010

600

Q3

01/04/2010

1000

0

0

Y Q3

Approach 2

01/07/2010

1000

0

0

Y Q3

01/10/2010

4000

15

01/10/2010

600

Q3

01/04/2010

1000

10

01/10/2010

100

Y Q3

Approach 3

01/07/2010

1000

10

01/10/2010

100

Y Q3

01/10/2010

4000

10

01/10/2010

400

Q3

View point by Fast Facts

In our view, such important and far reaching changes must be announced for Q1 and not in Q4.

This will create confusion for deductors about treatment of TBT and TCT transaction already shown in Q1 , Q2 and Q3


5 Comments

  1. syedarifsk says:

    validation files not correction what is problom

  2. lalit mangtani says:

    When i make a fvu file in ver 3.2 i got error t4278
    like intrest amt is 1800 and tds is 591 Rs. Please guide

  3. R P SHIVKUMAR says:

    the tds revised returns has not accepted by NSDL. It asks for newer version 3.2 (the same is not available in your website). I had prepared the returns using the version 3.0 available on your website fastfacts.co.in.
    I have been unable to assess your mumbai number 02240557000
    my own number is 9820213945

  4. Purti Vachharajani says:

    I am still facing problem of rounding off in 3.2 version also – T-FV-4278 Invalid tax deducted amount.Enter valid tax deducted amount.
    Please help

  5. rajesh prabhu says:

    i had submitted Q3 tds for 2010-11. now i found that, by oversight i entered wrong PAN of on deductee in deductee sheet. in this regard i prepared correction return and successfully validated through FVU 3.0. but tin facilation centre denied to accept the same stating that, i have to validate the same using FVU 3.1 or 3.2. so i downloaded the said Fvu versions and run validation process. unfortunately i found error file with remarks as below
    line no. 4, record type- challan, statement type-c5 PAN correction, field name-by book entry/cash, challan detils record number-1, error code: T-FV-3104 invalid by book entry/cash.

    my question is how it could be error with one FVU and Sucessful validation in another. moreover i could not understand how to resolve this problem?

    could any body resolve it…please

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