FVU 4.6 Full Analysis

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The long awaited FVU has been
released late evening on 20th April 2015. Brief analysis of the same is as
under: 

Mandatory
to quote PAN of Responsible Person:

It is now mandatory to quote the PAN of the
Responsible Person in all Regular TDS Returns and Correction Statements. It is
applicable for all returns / corrections filed on or after 21stApril
2015 irrespective of the financial year. This would help the Department
identify the person better. 
Enhancement
of Deduction under section 80CCE:
As per The Finance Bill 2014, the limit of
Deduction under section 80CCE has been enhanced to Rs. 1,50,000 effective from
financial year 2014-15 (earlier it was Rs. 1,00,000). Now Employee Deductors
will be able to file the TDS Returns for Form 24Q (Salary) for Quarter 4 of
FY:2014-15. Till now they were unable to validate their Returns with the
earlier FVU. 
Reduction
of Applicable List on ‘Nature of Remittance’ in Form 27Q (Foreign Remittances):
Earlier there were 66 categories to choose
from defining the nature of remittance in foreign currency. This has now been
reclassified by reducing the list to only 12 categories to select from. By
consolidation, this would substantially reduce ambiguity. 
Correction
Statements – Enablement of Updating ‘Tax Deposit Amount’ in Deductee Details:
Till now if tax was deducted at a higher rate
owing to non-availability of PAN or for any other reason, the process of
Corrections did not allow (as it was disabled) to update the ‘Tax Deposit
Amount’ in the applicable Deductee Record. This has now been enabled – which
implies that it would be possible to correct the ‘Tax Deposit Amount’. This had
been causing a lot of inconvenience and was a long standing demand by tax
deductors. 
For
Government Deductors:
 
Quoting
AIN mandatory if TDS deposited through Book Entry:
If Government Deductors are making TDS / TCS
payments through Book Entry, it is now mandatory to provide the AIN (Account
Office Identification Number). 
Quoting
of BIN Details mandatory for TDS / TCS Returns from FY:2013-14 onwards:
It is now mandatory to quote the BIN (Book
Identification Number) for all payments made through Book Entry. This is
applicable for all TDS / TCS Returns from financial year 2013-14 filed on and
from 21st April
2015 onwards. 
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