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Update Form 24Q Text File As Per FVU 7.1

The latest version of the File Validation Utility (FVU), 7.1, is available. Accordingly, you can generate the Form 24Q text file in TallyPrime for the 4th quarter (January to March) for filing TDS returns. However, you have to make a few updates in the text file before validating it in the FVU and filing TDS returns. This will ensure that your returns comply with the latest requirements.

The latest updates are regarding tax regime information (under section 115BAC), and the corresponding values for allowances and deductions. For example, if an employee has chosen the new tax regime, then you have to update the choice of tax regime for that employee and remove the values against certain deductions in the text file, before validating it in the FVU and filing TDS returns.

For these changes, it is recommended that you open the text file from MS Excel, as you will be able to update the values with greater ease and accuracy using the Power Query Editor feature. To learn more about the compatibility and how to load text file in MS Excel, click here.

Compatibility for Power Query Editor

  • The Power Query feature is available by default from MS Excel 2016. 
  • For MS Excel versions higher than 2010 and lower than 2016, you have to install the Power Query feature separately. 
  • Power Query is not available for Mac OS.

Further reading: Power Query data sources in Excel versions

Load Text File in MS Excel

  1. Create an MS Excel sheet.
    Excel file for FVU 7.1
  2. Click Data > From Text/CSV, and select the text file exported from TallyPrime.

    A screen will appear, where you will have the option to transform the data of the text file.
  3. Click Transform Data.
    transform the data of the text file
    The Power Query Editor screen appears.
  4. Go to Home tab > Split Column, and select By Delimiter.
    By Delimiter option for Power Query Editor
    The Split Column by Delimiter screen appears.
  5. Select Custom and enter the caret symbol (^) in the lower box, and click OK to proceed.
    enter the caret symbol in Split Column by Delimiter screen
    The Power Query Editor screen appears.
  6. Press Ctrl+A to select all the values in the MS Excel sheet and click Replace Values from the ribbon. The Replace Values sub-screen appears.
  7. Enter null under Value to Find and the tilde symbol (~) under Replace With, and press OK to proceed.
    Replace null with tilde
    The sheet will appear without the null characters.
  8. Click Close & Load.Close & LoadThe updated sheet will appear as shown below, with the values of the text file:
    updated Power Query Editor
    You can see the column numbers at the top, which will help you in easily finding the required fields and updating the values.

Update Tax Regime Information

After loading the text file in MS Excel, you can update the employee’s choice of tax regime in column 79 of the MS Excel sheet. For easy access, you can filter the second column to SD.

column 79

If an employee has chosen the new tax regime, then enter Y^ in column 79. If an employee has chosen the previous (regular) tax regime, then enter N^.

tax regime in column 79

Press Ctrl+S to save the details.

Update Values for Deductions and Allowances

Certain deductions and allowances are not applicable for employees who have chosen the new tax regime, so you have to update the values in the MS Excel sheet accordingly. The changes required are listed below.

Income Under Others Sources

For employees who have chosen the new tax regime, the value of Income Under Other Sources cannot be negative. So, you have to check this value in column 18 and update it if required. If the value is negative, then you have to remove the value entirely and keep it blank. However, if the value is positive, then you can keep it as is. 

Alternatively, if you have many employees on the new tax regime, you can filter the 79th column to Y, and then select the 18th column and directly delete the values.

Update Income Under Others Sources

Travel Concession or Assistance (Under Section 10(5)

For employees who have chosen the new tax regime, the Travel Concession or Assistance (or LTA) has to be blank. So, you have to check this value in column 70 and remove it if the employee has chosen the new tax regime.

Update Travel Concession or Assistance

House Rent Allowance (HRA) (Under Section 10(13A)

For employees who have chosen the new tax regime, the House Rent Allowance (HRA) has to be blank. So, you have to check this value in column 74 and remove it if the employee has chosen the new tax regime.

Update House Rent Allowance

Total Deductions (Under Section 16)

For employees who have chosen the new tax regime, the Total Deductions has to be blank.

Filter the second column to add S16 along with SD. Now you have to check this value in column 7 and remove it if the employee has chosen the new tax regime.

Update Total Deductions

If you want to easily refer to the Tax Regime information (column 79) before updating, then you can hide columns 8 to 78.

Chapter VIA (80C/80D) Details

For employees who have chosen the new tax regime, Chapter VIA (80C/80D) details have to be blank, except for the values for 80CCD(2).

Filter the second column to remove S16 and add C6A along with SD. Now you have to check columns 78, and 9 and remove the values if the employee has chosen the new tax regime.

Update Chapter VIA (80C/80D) Details

Save and Update the Text File

Once you are done with the changes in the MS Excel sheet, you can save the file and make a few final updates.

  1. Click File > Save As > Browse > select Text (Tab delimited) under Save as type, and click Save.
    Save and Update the Text File
  2. Open the text file and remove unwanted characters such as column numbers, spaces, and tilde.
    1. Remove the column numbers, as shown below:
      remove the column numbers
      You can see that the values are recorded appropriately, but the text file appears with tab spaces instead of caret symbols. You can easily replace the space with carets.
      updated text file
    2. Remove tilde:
      1. Copy the tab space.
        copy tab space
      2. Click Edit > Replace, and paste tab space and tilde (~) in the Find what field and keep the Replace with field blank.
        remove tab space from text file
      3. Click Replace all.
    3. Remove spaces:
      1. Click Edit > Replace, and paste tab space in the Find what field and enter the caret symbol (^) in the Replace with field.
        replace space with caret
      2. Click Replace all.
        final text file
        You can see that the text file appears with the updated values and caret symbols.
  3. Press Ctrl+S to save the changes in the text file.

Now the Form 24Q text file is ready as per FVU 7.1. You can validate it in FVU 7.1 and proceed to file TDS returns.

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