As of September 1, 2023, Return Preparation Utility (RPU) version 4.7 has been released, bringing several updates for the preparation of regular and correction quarterly e-TDS/TCS statements, effective from FY 2007-08 to FY 2023-24.
Form 24Q: Form 24Q is the quarterly statement used for filing details related to the salary disbursed and the TDS (Tax Deducted at Source) from it. Employers in India are mandated to deduct tax at source from their employees’ salaries and submit this information to the income tax authorities. The form contains various details such as the deductor’s and deductee’s particulars, salary components, tax deducted, and tax deposited. This form is generally submitted on a quarterly basis and serves as an essential document for salaried individuals when filing their annual income tax returns.
Also Read: New File Validation Utility Versions: FVU 2.178 & FVU 8.2 for e-TDS/TCS Statements
Form 26Q: Similar to Form 24Q but used for TDS on income other than salary, Form 26Q is the quarterly TDS statement for tax deducted at source from payments other than salaries. This could include interest payments by banks, contractual payments, or professional fees. The format of the form allows the deductor to detail the type of payment, the amount, and the tax deducted at source. Businesses and individuals who have made the payments are responsible for filing Form 26Q with the Income Tax Department.
Form 27Q: This form is intended for the quarterly filing of Tax Deducted at Source (TDS) details on payments made to Non-Resident Indians and foreigners, other than salary. Payments made to non-residents, such as interest, dividends, or any other type of fees, are subject to TDS and need to be reported in this form. Form 27Q enables the Income Tax Department to keep track of the income earned by non-residents in India and ensure that the necessary tax has been deducted at source.
Form 27EQ: This is a quarterly statement form used for Tax Collected at Source (TCS) details. When a seller collects tax from a buyer in India, the details need to be filed through Form 27EQ. This could be in scenarios such as the sale of scrap, minerals, or goods like alcohol and timber where the buyer is required to pay a certain percentage of tax to the seller, which the seller then submits to the government. This form ensures that the tax collected is accurately reported and then appropriately transferred to the government.
This article provides an in-depth review of key features and changes, focusing on Forms 24Q, 26Q, 27Q, and 27EQ.
e-TDS/TCS Return Preparation Utility Ver. 4.7 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08.
B. Key Features – Return Preparation Utility (RPU) version 4.7
Return Preparation Utility (RPU) version 4.7 is applicable with effect from September 01, 2023 onwards.
A. For Form 24Q:
1. Changes in existing column name under Annexure II (column number (332B)) and Annexure III (column number (395)):
Whether opting for taxation u/s 115BAC? OR Whether opting out from taxation u/s 115BAC (1A) [Yes/No]
2. Addition of new column (346A) under Annexure II: Other special allowances under section 10(14)
3. Impact of Addition of new column (346A) (point 2) on existing column 347 under Annexure II: Total amount of exemption claimed under section 10 (340+341+342+343+344+346A+346B)
4. Addition of new column (365A) under Annexure II: Deduction in respect of contribution by the employee to Agnipath Scheme under section 80CCH (Gross Amount)
5. Addition of new column (365B) under Annexure II: Deduction in respect of contribution by the employee to Agnipath Scheme under section 80CCH (Deductible Amount)
6. Addition of new column (366A) under Annexure II: Deduction in respect of contribution by the Central Government to Agnipath Scheme under section 80CCH (Gross Amount)
7. Addition of new column (366B) under Annexure II: Deduction in respect of contribution by the Central Government to Agnipath Scheme under section 80CCH (Deductible Amount)
8. Changes in existing column name under Annexure I (column number (322)): Health and Education Cess
Note:
1) Applicability for quarterly e-TDS/TCS statement of points 1 to 7 pertains to FY 2023-24 onwards.
2) Applicability for quarterly e-TDS/TCS statement of point 8 pertains to all FY.
B. For Form 26Q:
1. Changes in existing column name under Annexure 1 (column number (419A): Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N (in cases not covered by the first proviso or third proviso to section 194N)
2. Changes in existing column name under Annexure 1 (column number (419B): Amount of cash withdrawal which is in excess of Rs. 20 lakh but does not exceed Rs. 1 crore for cases covered by sub- clause (a) of clause (ii) of first proviso to section 194N (except cooperative societies)
3. Changes in existing column name under Annexure 1 (column number (419C): Amount of cash withdrawal in excess of Rs. 1 crore for cases covered by sub clause (b) of clause (ii) of first proviso to section 194N (except co-operative societies)
4. Addition of new column (419D) under Annexure I: Amount of cash withdrawal in excess of Rs. 3 crore in case of co-operative societies as covered by third proviso to section 194N (in cases not covered by the first proviso to section 194N)
5. Addition of new column (419E) under Annexure I: Amount of cash withdrawal which is in excess of Rs. 20 lakh but does not exceed Rs. 3 crore for cases covered by sub-clause (a) of clause (ii) of first proviso read with third proviso to section 194N (in case of co-operative societies)
6. Addition of new column (419F) under Annexure I: Amount of cash withdrawal which is in excess of Rs. 3 crore for cases covered by sub-clause (b) of clause (ii) of first proviso read with third proviso to section 194N (in case of co-operative societies)
7. Addition of new section 194BA under section codes list available under Annexure I: Winnings from online games
8. Addition of new section 194BA-P under section codes list available under Annexure I: Net Winnings from online games where the net winnings are made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such net winnings are released
9. Changes in description of existing section code 194B : Winnings from lottery or crossword puzzle, etc
10. Changes in description of existing section code 194B-P: Winnings from lottery or crossword puzzle, etc where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such winnings are released
11. Changes in existing column name under Annexure I (column number 20): Health and Education Cess
12. Changes in description of existing section code 194N: Payment of certain amounts in cash other than cases covered by first proviso or third proviso
13. Changes in description of existing section code 194N-F: Payment of certain amounts in cash to non-filers except in case of co-operative societies
14. Addition of new section 194N-C under section codes list available under Annexure I: Payment of certain amounts in cash to co-operative societies not covered by first proviso
15. Addition of new section 194N-FT under section codes list available under Annexure I: Payment of certain amount in cash to non-filers being co-operative societies
Note:
1) Applicability for quarterly e-TDS/TCS statement of points 1, 2, 3 and 7 pertains to FY 2023-24 & Q2 onwards.
2) Applicability for quarterly e-TDS/TCS statement of points 4, 5, 6, 8, 14 and 15 pertains FY 2023-24 & Q1 onwards.
3) Applicability for quarterly e-TDS/TCS statement of point 11 pertains to all FYs.
C. For Form 27Q:
1. Changes in existing column name under Annexure 1 (column number (720A): Amount of cash withdrawal in excess of Rs. 1 crore as referred to in section 194N (in cases not covered by the first proviso or third proviso to section 194N)
2. Changes in existing column name under Annexure 1 (column number (720B): Amount of cash withdrawal which is in excess of Rs. 20 lakh but does not exceed Rs. 1 crore for cases covered by sub- clause (a) of clause (ii) of first proviso to section 194N (except cooperative societies)
3. Changes in existing column name under Annexure 1 (column number (720C): Amount of cash withdrawal in excess of Rs. 1 crore for cases covered by sub clause (b) of clause (ii) of first proviso to section 194N (except co-operative societies)
4. Addition of new column (720D) under Annexure I: Amount of cash withdrawal in excess of Rs. 3 crore in case of co-operative societies as covered by third proviso to section 194N (in cases not covered by the first proviso to section 194N)
5. Addition of new column (720E) under Annexure I: Amount of cash withdrawal which is in excess of Rs. 20 lakh but does not exceed Rs. 3 crore for cases covered by sub-clause (a) of clause (ii) of first proviso read with third proviso to section 194N (in case of co-operative societies)
6. Addition of new column (720F) under Annexure I: Amount of cash withdrawal which is in excess of Rs. 3 crore for cases covered by sub-clause (b) of clause (ii) of first proviso read with third proviso to section 194N (in case of co-operative societies)
7. Addition of new column (719B) under Annexure I: Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N)
8. Changes in list of deductee codes present under Annexure I: List of Deductee Codes:
|
Sr No. |
Deductee Code | Description |
| 1 | 01 | Company, other than domestic company |
| 2 | 02 | Individual |
| 3 | 03 | Hindu Undivided Family |
| 4 | 04 | Association of Persons (AOP) except in case of AOP consisting of only companies as its members |
| 5 | 05 | Association of Persons (AOP) consisting of only companies as its members |
| 6 | 06 | Co-operative Society |
| 7 | 07 | Firm |
| 8 | 08 | Body of individuals |
| 9 | 09 | Artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act 1961 |
| 10 | 10 | Others |
9. Addition of new section 194B under section codes list available under Annexure I:
10. Addition of new section 194B-P under section codes list available under Annexure I:
11. Addition of new section 194BA under section codes list available under Annexure I:
12. Addition of new section 194BA-P under section codes list available under Annexure I:
13. Addition of new section 194BB under section codes list available under Annexure I:
14. Existing section code 194LC has been now sub-categorized into 3 new section codes namely ‘194LC (2)(i) and (ia)’, ‘194LC (2)(ib)’ & ‘194LC (2)(ic)’:
15. Changes in description of existing section code 194N:
16. Changes in description of existing section code 194N-F:
17. Addition of new section 194N-C under section codes list available under Annexure I:
18. Addition of new section 194N-FT under section codes list available under Annexure I
|
Reference Point No. |
Section | Nature of Payment |
| 9 | 194B | Winnings from lottery or crossword puzzle, etc |
| 10 | Proviso to section 194B | Winnings from lottery or crossword puzzle, etc where consideration is made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such winnings are released |
| 11 | 194BA | Winnings from online games |
| 12 | Sub-section (2) of section 194BA | Net Winnings from online games where the net winnings are made in kind or cash is not sufficient to meet the tax liability and tax has been paid before such net winnings are released |
| 13 | 194BB | Winnings from horse race |
| 14 | 194LC (2)(i) and (ia) | Income under clause (i) and (ia) of sub-section (2) of section 194LC |
| 14 | 194LC (2)(ib) | Income under clause (ib) of sub-section (2) of section 194LC |
| 14 | 194LC (2)(ic) | Income under clause (ic) of sub-section (2) of section 194LC |
| 15 | 194N | Payment of certain amounts in cash other than cases covered by first proviso or third proviso |
| 16 | 194N First Proviso | Payment of certain amount in cash to non-filers except in case of co-operative societies |
| 17 | 194N Third Proviso |
Payment of certain amounts in cash to co-operative societies not covered by first proviso |
| 18 | 194N First Proviso read with Third Proviso | Payment of certain amount in cash to non-filers being co-operative societies |
19. Changes in existing column name under Annexure I (column number 724): Health and Education Cess
Note:
1) Applicability for quarterly e-TDS/TCS statement of points 1, 2, 3 and 9 pertains to FY 2023-24 & Q2 onwards.
2) Applicability for quarterly e-TDS/TCS statement of points 4, 5, 6, 7, 8, 10, 11, 12, 13, 18 and 19 pertains to FY 2023-24 & Q1 onwards.
3) Applicability for quarterly e-TDS/TCS statement of point 14 pertains to FY 2023-24 & Q1 and Q2 onward.
4) Applicability for quarterly e-TDS/TCS statement of point 17 pertains to all FYs.
D. For Form 27EQ:
1. Changes in existing column name under Annexure 1 (column number (665): Collectee reference number provided by the collector, if available
2. Changes in existing column name and column number under Annexure 1 (column number (666): Collectee Code
3. Changes in list of Collectee (Party) codes present under Annexure I: List of Collectee Codes:
|
Sr No. |
Party Code | Description |
| 1 | 01 | Company |
| 2 | 02 | Individual |
| 3 | 03 | Hindu Undivided Family |
| 4 | 04 | Association of Persons (AOP) except in case of AOP consisting of only companies as its members |
| 5 | 05 | Association of Persons (AOP) consisting of only companies as its members |
| 6 | 06 | Co-operative Society |
| 7 | 07 | Firm |
| 8 | 08 | Body of individuals |
| 9 | 09 | Artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act 1961 |
| 10 | 10 | Others |
4. Changes in existing column name and column number under Annexure 1: Whether resident or non-resident (Y/N)
5. Changes in existing column name and column number under Annexure 1: PAN of the Collectee
6. Addition of new column (667B) under Annexure I: Whether collectee opting out of taxation regime u/s 115BAC (1A)?
7. Changes in existing column name under Annexure 1 (column number (668): Name of Collectee
8. Changes in existing column name under Annexure I (column number 675): Health and Education Cess
9. Changes in description of existing collection code 206C-O:
10. Changes in description of existing collection code 206C-P:
11. Changes in description of existing collection code 206C-Q
12. Addition of new collection code 206C-T under collection codes list available under Annexure I:
|
Reference Point No. |
Section | Nature of Collection |
| 9 | 206C | Collection at source for purchase of overseas tour program package |
| 10 | 206C | Collection at source on remittance under LRS from educational loan taken from financial institution mentioned in section 80E |
| 11 | 206C | Collection at source on remittance under LRS except for the purposes of education or medical treatment |
| 12 | 206C | Collection at source on remittance under LRS is for the purposes of education or medical treatment and not covered under Code P |
Note:
1) Applicability for quarterly e-TDS/TCS statement of point 12 pertains to FY 2023-24 & Q2 onwards.
2) Applicability for quarterly e-TDS/TCS statement of points 3 and 6 pertains to FY 2023- 24 & Q1 onwards.
3) Applicability for quarterly e-TDS/TCS statement of points 1, 2, 4, 5, 7 and 8 pertains to all FYs.
T_FV_6349 Mandatory to fill in statements pertaining to FY 2023-24.
115bac (1a) not relevant to TCS return
Option left is to refer to the circular of department dated 5th April 2023 (Circular No. 04 of 2023) where department has given clarification for similar issue for 192 : Clarification regarding deduction of TDS under section 192 read with sub-section
(IA) of section 115BAC of the Income-tax Act, 1961 – reg.
Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N)
How to handle this? Even deductor will not know and parties are not responding.
If we are entering collectee code as 04 which is the actual status of the collectee, the error message at time of file creation is “invalid collectee code”. How to resolve this issue?
How can i know, whether collectee opting out taxation regime u/s 115bac yes or no. applicable w.e.f Q1 F.y. 23-24
For Form 27EQ – How can we take if the collectee is opting out new tax regime especially when there is no such requirement in law and how is either way related to Form 27EQ which is related to to TCS?
how can i know whether collectee opt 115bac
How can i know, whether collectee opting out taxation regime u/s 115bac yes or no. applicable w.e.f Q1 F.y. 23-24
Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N) which year consider for this ans
We also have the similar query. As for the year, it will be FY 2023-24, since 115BAC is applicable for individual, and the due date of return for FY 2022-23 is already passed.
Also, It would be great if you can tell us what stands you guys are taking.
Whether deductee opting out of taxation regime u/s 115BAC (1A)? (Y/N)
Can i Put Y or N