Recently Released PY-IN Notes V.3 : 2161582 – HINCF24Q: File Validation Utility (FVU) version 4.6 / 2132737 – Professional Tax for Mizoram / 2148072 – HINCF160: Income Tax Rounding – CBDT Notice 17/2014

……………………………………………………………………………………………………………….

The Income Tax Department has released a new version of File Validation Utility, FVU 4.6.

You are using the Form 24Q report HINCF24Q ( TCode: PC00_M40_F24Q) to generate TDS e-file.

While you are validating the system generated e-file through the File Validation Utility (FVU) version 4.6, you get an error reading “T-FV-2235 Invalid PAN of person responsible for deducting / collecting tax”.

Courtesy SAP

………………………………………………………………………………………………………………..

You are executing payroll (Tcode: PC00_M40_CALC_SIMU) for the employees working in your organization.

In case employees belong to the region Mizoram,it is observed that professional tax calculation is not happening consistently.As per the Professional tax Authorities the professional tax should be deducted monthly on the basis on monthly wages. Professional Tax Slabs for Mizoram are as below:

Courtesy SAP

………………………………………………………………………………………………………………..

Tax Circular no 17/2014 dated 10 December 2014 has been released by CBDT with clarity on rounding of taxable income and income tax.

“Employer is advised to quote Total Taxable Income in Annexure II without rounding-off and TDS should be deducted and reported accordingly i.e. without rounding-off of TDS also” – page 9.

The provisions of rounding of taxable income and income tax components are provided under an existing constant ‘TAXRO’ in the table V_T511K with values ‘0’,’1′,’2′ and ‘3’.

In Form 16 report HINCF160 (TCode: PC00_M40_F16), the value of the wage type /450 (Tax payable and surcharge) is exclusively rounded to nearest INR.1. This rounding of wage type /450 is now provided under the switch ‘TAXRO’.

Courtesy SAP

………………………………………………………………………………………………………………..

This Note delivers the changes related to the Union Budget for 2015, as announced through Note 2137336.

This note includes PDF document about manual changes

Courtesy SAP

………………………………………………………………………………………………………………..

You have a record in Exemptions infotype (IT0582) for any of the subtypes, where in exemption has been taken for the dependent.

When you access the same record in PA20 transaction via Overview and then next display of the record, then the dependent’s checkbox is coming blank.

Courtesy SAP

………………………………………………………………………………………………………………..

The Government has launched a new deposit scheme – Sukanya Samriddhi for minor girl child. This is a savings scheme which can be opened by the natural (biological) or legal guardian of the girl child aged below 10 years. The maximum limit of exemption is 1,50,000 INR.

However, Government has given a buffer time of 1 year if your child turned 10 within a year before the announcement. This means that if the girl child turned 10 anytime between December 2013 and December 2014, you can open such an account in her name.

Courtesy SAP

………………………………………………………………………………………………………………..

Here I am modifying one of my previous document and would like to update the recent notes from now onwards.

The data provided above is from Notes published by SAP to users, the purpose of this document is to give the latest updates to those users who doesn’t have access to https://websmp106.sap-ag.de/support.

For Older version please use the below links

Recently Released PY-IN Notes

Recently Released PY-IN Notes V.2