The Central Board of Direct Taxes (CBDT) has reinstated the tax deduction at source (TDS) rules/ forms that were earlier discontinued with effect from April 1, 2009. This latest move, which would come into effect retrospectively from April 1, 2009, clearly indicates that the Income-Tax Department is not looking to implement the concept of unique transaction numbers (UTN) for sometime to come, say tax experts. In March 2009, the CBDT had stipulated that assesses filing return for assessment year 2009-10 or any other earlier assessment years should provide the UTN.

However, in late June 2009, the CBDT had deferred its implementation. With the latest CBDT move to reinstate TDS rules and forms that existed prior to April 1, 2009, they are not looking to implement UTN concept. It is clear that the Tax Department has shelved UTN project. The UTN was proposed to facilitate the verification of pre-paid taxes such as TDS with the data available in the NSDL system. The verification is important as no document is required to be filed with the return of income.

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Category : Income Tax (27505)
Type : News (13643)
Tags : CBDT (691) Form 16 (48) Form 16A (31) TDS (1025) utn (12)

0 responses to “CBDT reinstated TDS rules and forms existed prior to April 1, 2009”

  1. vikas kumar says:

    thanks for your suggestion and thanks for updating my mail with taxation.

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