Changes in TDS & TCS relating to electronic filing in India Income Tax from 1st October 2009
The objective of this note is to assist E-Business Suite customers to understand the implications of the legislative update related to TDS/ TCS electronic reporting (e-tds and e-tcs returns).
1. Modifications in the e-TDS/TCS data structure and new File Validation Utility (FVU):
National Securities Depository Limited (NSDL) has announced that the existing FVU and the data structure for e-tds and e-tcs returns would be changed with effect from October 1, 2009. In the revised reporting requirements, additional data need to be reported in electronic returns. Details of the changes to be incorporated are made available to public through the NSDL web site. Highlights of the changes to be implemented are: