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New FVUs Version 7.1 & 2.167 released by NSDL - Key Features

New versions of File Validation Utilities (FVUs) for e-TDS/TCS statements are released 2nd April 2021. Apart from others, this FVU takes care of the new Section 115BAC incorporated in the Budget of FY:20-21. With the introduction of this new section, each employee has the option to choose between the existing & the new computation of income tax.

The key feature of this FVU is summarized below:
File Validation Utility (FVU):
â€¢ FVU Version 7.1 - Applicable for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards.
â€¢ FVU Version 2.167 - Applicable for quarterly e-TDS/TCS statements from FY 2007-08 up toFY 2009-10.
Features of the FVUs are as below:
1. Addition of new column "Whether opting for taxation u/s 115BAC - [Yes/No] "
(i.e. Column no. 332B) under Annexure II of Form 24Q-Q4
If users selects option "Yes";
following deductions / exemptions will not be allowed as under:

Deductions under Section 16 (Professional Tax, Standard Deduction & Entertainment Allowance)
All deductions under Chapter VI-A, except u/s 80CCD(2)
Travel Concession u/s 10(5)
House Rent Allowance u/s 10(13A)
Loss from House property (only Income to be reported)

following deductions / exemptions will continue to be allowed:

Section 10(10) - Death cum Retirement Gratuity
Section 10(10A) - Commuted value of Pension
Section 10(10AA) - Cash equivalent of leave
Total amount of any other exemption u/s10
Sec 80CCD(2) - Deduction in respect of contribution by Employer to pension scheme

If users selects option "No", in such case all existing deductions / exemptions will be allowed as earlier.
This would be applicable for statements pertains to FY 2020-21 onwards.
2. Addition of nature of remittance 'Dividend' for below mentioned existing validation of Form 27Q.
â€¢ Fields i.e. 'Email ID of deductee', 'Contact Number of the deductee', 'Address of deductee in country of residence' & 'Tax identification number / Unique identification number' in Form 27Q are mandatory only in case of below conditions are satisfied

If rate of deduction is less than 20%
Remark value as 'C'
PAN of the deductee is not available (i.e. 'PANNOTAVBL', 'PANAPPLIED' or 'PANINVALID')
Nature of Remittances - Royalty, Fees for technical services/ fees for included services, short term capital gains or Long term capital gains and Dividend

This version of FVU is applicable with effect from April 2, 2021

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