In a fresh move, the Finance Ministry yesterday said income tax payers will have to mention receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal. Tax payers will have to mention this number along with his permanent account number (PAN) and Tax-deduction Account Number (TAN) of the deductor, otherwise refunds may not be considered.
The announcement by the Finance Ministry came after it scrapped the proposed introduction of a new number — Unique Transaction Number — which was originally scheduled to come into effect from January 1, 2010.At the time of scrapping UTN, the ministry had not ruled out the possibility of introducing a new identity number.’

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.

As such, receipt number of TDS return filed by deductor has come in place of new UTN.

“Now the Tax-deduction Account Number of the deductor, Permanent Account Number of the deductee, and receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return,” the finance ministry said in a statement in New Delhi [ Images ].

Meanwhile, the ministry has also changed the last date of filing TDS returns from the last quarter of the financial year to May 15 from earlier June 15.

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Tags : pan number (259) Permanent Account Number (82) TAN (62) tax deducted at source (55) TDS (883) utn (12)

0 responses to “Finmin scraps UTN, announces new method for Income tax refunds”

  1. C.Jyoti says:

    Great strides by way of harassment of salaried, small, pensioner tax payers. Congratulations to the CBDT. And also to the field officers for being formally enabled to harass the hapless taxpayers.

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