File Validation Utility (FVU) Ver. 4.5 is the latest FVU released by the Income Tax Department for validating all TDS Returns from financial year 2010-11. While validating Form 24Q (Salary TDS Return) pertaining to FY: 2014-15 (Q4), this FVU is validating the upper limit of Deduction U/s 80C as Rs. 1,00,000 instead of Rs. 1,50,000 which was increased as per The Finance Bill 2014. Owing to this Employers are not able to validate their TDS Returns for Form 24Q for the quarter ended March 2015.
As the last date of filing for Form 24Q is 15th May, it is expected, the Income Tax Department will release the new version of the File Validation Utility (FVU) shortly. This should take care of correct validation and subsequent filing of Returns.
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