The first quarter of the Financial Year 2013-14 has been completed on 30th June 2013. Now its the time for all TDS deductors/ TCS Collectors to file their e-TDS quarterly return for the First Quarter of Financial Year 2013-14. It is mandatory on the part of tax deductor to file their return on time. Otherwise there is a penalty provision in the Income Tax Rules. The Income Tax Department provided the facility to prepare your e-TDS return at your own with the help of Software provided on the official website of Income Tax Department. So Download the latest Return Preparation Utility (RPU) and fill the relevant data to uplod the return on time. As per the newly inserted Section 243E, if a person (deductor) fails to deliver the TDS statement or TDS return in the time prescribed, then the person shall be liable to pay a fine of Rs. 200 for everyday till the default continues subject to a maximum of the total amount of tax deductible. Moreover, there are penalty provisions as defined in Section 271H. If you are still in the process of setting up the system for preparing TDS returns for financial year 2013-13, we strongly recommend the software provided by the Income Tax Department which is very much user friendly and easy to prepare the e-TDS Return in seconds. NSDL has developed software called e-TDS/TCS Return Preparation Utility (RPU) to facilitate preparation of e-TDS/ TCS returns.New RPU 3.5 for submission of TDS return has been launched.
This RPU is applicable w.e.f. 01.07.2013 and added lot of amendments in it. Each line of Key Features shows a new amendment. There are lots of changes in RPU like section code has been removed from challan sheet and added the same in deductee sheet, Penalty column has been added in challan sheet. Minor of deposit like 200 or 400 has been added in deductee sheet, "Y" code for Non-deduction or Low deduction has been removed in correction return, Value of Z code has been added for no deduction on account of payment under section 197A (1F) etc. This is a freely downloadable MS excel based utility. Separate utilities are available for preparation of each type of return. So don't wait for anything, just Download the Return Preparation Utility (RPU) for Free and file your e-TDS Return to get away from penalty.
Key features of RPU 3.5
- Addition/ deactivation of fields Change in quarterly TDS/TCS statement pertaining to FY 2013-14 on wards as below:
- Alternate contact details like e-mail and contact no. of the deductor and responsible person may be provided.
- Quoting of TAN registration no. (if any) as provided by TIN.
- Minor head code is to be provided in challan details for tax deposited through challan.
- Late fee is to be provided in challan details applicable from FY 2012-13 onward.
- No details to be provided for cheque no. and section code in the challan details.
- Section code to be provided in deductee/collectee details.
- Introduction of new section code Form no. 24Q: Section 92C has been added which is applicable in case payment is made to Union Govt. employees.
- Section 194I has been bifurcated as below:
- Select value 4IA from the section code drop down where tax has been deducted under section
194 I (a)
- Select value 4IB from the section code drop down where tax has been deducted under section
194 I (b)
- Lower/ No deduction certificate no. to be provided in the deductee details.
- In the annual salary details (24Q, Q4 – Annexure II) break up to be provided for the salary paid and the tax deducted by the current employer and previous employer during the current Financial Year.
- Introduction of fields for quoting foreign remittance details in Form no. 27Q as below:
- Nature of remittance
- Whether TDS rate of TDS is IT act (a) and DTAA (b)
- Unique acknowledgement of the corresponding form no 15CA (if available)
- Country to which remittance is made
- Introduction of value “Z” in the field Remarks for lower or no deduction. Applicable in case of no deduction on account of payment under section 197A (1F).
- In the annual salary details (24Q Q4 – Annexure II) records to be highlighted whether the tax has been deducted at higher rate.
Discontinuation of “Y” type of correction statement.
RPU version 3.5 is applicable w.e.f 01/07/2013.