31 December 2009

IndianCAs: Introduction of the UTN which tax payers need to quote along with PAN

 

Dear All,

The government has decided to shelve the introduction of the Unique Transaction Number (UTN) which tax payers need to quote along with Permanent Account Number (PAN) when tax is deducted/collected at source. The scheme was to have come into force from the New Year.

However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to the PAN to ensure prompt verification and granting of tax credits to tax payers.

"The introduction of UTN, which was scheduled to be implemented from January 2010, has been shelved in all probability . The process of filing tax returns remains the same as earlier," a finance ministry official said.

A similar arrangement of having a new identity number is under contemplation but it would only happen from the next fiscal, the official said.

The government had earlier said the system of allotting UTN is expected to become operational by January 1, 2010.

The move to introduce UTN had invited concerns from tax payers as it would have brought in a slew of formalities for the tax payers, through their respective collectors and deductors, to avail the new number and file their returns on time.

The decision to shelve the UTN has been taken keeping in mind the approaching end of the fiscal year. Moreover , the exercise to have a new identity number like PAN is huge and it would have brought a lot of complications for tax payers, the finance ministry official said.

The Central Board of Direct Taxes (CBDT) had deferred UTN's introduction to June 30 this year saying, "taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier assessment year, may continue to file their returns without mentioning the Unique Transaction Number (UTN)."

The CBDT in a circular earlier said the new number (UTN) is mandatory for filing tax returns due to certain lacunae like individuals having more than one PAN.

The income-tax department was also in touch with the National Securities Depository (NSDL) regarding future steps to be taken for "putting in place" a new system for UTN.
 
Regards,
CA PARESH PAREKH
ACA, DISA, B.COM
AHMEDABAD.
Call @ +91-98790 25939
Mail @ capareshparekh@yahoo.co.in



The INTERNET now has a personality. YOURS! See your Yahoo! Homepage.

__._,_.___
Hi! I have created an sms group for the benefit of members of IndianCAs. I will be sending regular updates, good quotes.If you wish to subscribe to this group, send following sms to 9870807070

ON IndianCAs

You will receive an sms from group. Just reply the message by writing:
Agree
And you will be the member of my SMS group IndianCAs.You can unsubscribe at any point of time by sendin an sms Off IndianCAs. There is no charge for receiving sms. So  let's Go Mobile.
*************************************************************************
Please visit the blog of IndianCAs and Express yourself by writing your comments by clicking on the link below:
http://indiancas.blogspot.com/
*************************************************************************
Note: All messages posted by members including me on this group are sent in their personal capacity. No official position held anywhere by them have nothing to do with this email group. The group does   not accept any responsibility with regards to accuracy or the mistakes in the material circulated on this group. Please confirm from your independent source before using the information or material posted on this group.
*************************************************************************
Further, your attention is invited:

The messages on this group are approved only when the moderator finds it of immense importance to the members at general, otherwise, this group is not used for discussion or as discussion forum.
.

__,_._,___

No comments:

Post a Comment

What do you think about this? Please write your comment.

Five Days Residential Programme on Advanced Leadership for Chartered Accountants at IIM Ahmedabad

ICAI: Registration for the 2nd Batch of *Five Days Residential Programme on Advanced Leadership for Chartered Accountants at IIM Ahmedabad *...