utn

Quoting of Unique transaction Number (UTN) in ITR and practical issues

Income Tax - It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database […]...

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Analysis of new system for TDS / TCS payment and information reporting

Income Tax - Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TC...

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Income Tax Return (ITR) Filing Procedure for A.Y. 2009-10

Income Tax - ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head P...

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Govt not ready for change in Rules relating to TDS payment

Income Tax - A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made the process more cumbersome, and may even prompt the government to put the transition to the new regime in abeyance. The new form for tax deductors — those responsible for deducting tax while […]...

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Finmin scraps UTN, announces new method for Income tax refunds

Income Tax - In a fresh move, the Finance Ministry today 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, ot...

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CBDT reinstated TDS rules and forms existed prior to April 1, 2009

Income Tax - 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...

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Govt decided to shelve introduction of unique transaction number (UTN)

Income Tax - The government has decided to shelve the introduction of the unique transaction number, which tax payers need to quote along with permanent account number 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 i...

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Government decided to make it compulsory to quote UTN in Income-tax return forms

Income Tax - The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department....

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Government consides one-page Saral form for income tax return

Income Tax - The government is considering to re-introduce one-pager ‘Saral form for filing income tax return. The form was discontinued in 2007-08 and instead of that ITR-1, ITR-2, ITR-3 and ITR-4 were introduced for individual taxpayers. ...

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New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance

PRESS RELEASE - (30/06/2009) - The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009....

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New TDS and TCS payment and information reporting system

Circular No. 02/2009-Income tax - (21/05/2009) - CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The ...

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Recent Posts in "utn"

Finmin scraps UTN, announces new method for Income tax refunds

In a fresh move, the Finance Ministry today 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, ot...

Read More
Posted Under: Income Tax |

CBDT reinstated TDS rules and forms existed prior to April 1, 2009

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...

Read More
Posted Under: Income Tax |

Govt decided to shelve introduction of unique transaction number (UTN)

The government has decided to shelve the introduction of the unique transaction number, which tax payers need to quote along with permanent account number 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 i...

Read More
Posted Under: Income Tax |

Government decided to make it compulsory to quote UTN in Income-tax return forms

The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department....

Read More
Posted Under: Income Tax |

Government consides one-page Saral form for income tax return

The government is considering to re-introduce one-pager ‘Saral form for filing income tax return. The form was discontinued in 2007-08 and instead of that ITR-1, ITR-2, ITR-3 and ITR-4 were introduced for individual taxpayers. ...

Read More
Posted Under: Income Tax |

New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance

PRESS RELEASE (30/06/2009)

The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009....

Read More

Infrastructure to generate Unique transaction Number (UTN) still not in place

In a circular dated May 21, 2009, CBDT, said, The credit for any TDS...claim will be allowed...if the assessee quotes the relevant UTN for every TDS. Simply put, if a UTN is not mentioned against a TDS transaction then the tax already paid by the individual will be considered unpaid....

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Posted Under: Income Tax |

Quoting of Unique transaction Number (UTN) in ITR and practical issues

It has been directed that ITR-1 to ITR-8 shall require the quoting of the relevant UTN for every TDS or TCS claim made by an assessee and that the credit for any TDS/TCS claim will be allowed only if the assessee quotes the relevant UTN and the said UTN matches with that in the database […]...

Read More
Posted Under: Income Tax |

Analysis of new system for TDS / TCS payment and information reporting

Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information relating to payment of TDS and TC...

Read More
Posted Under: Income Tax |

Income Tax Return (ITR) Filing Procedure for A.Y. 2009-10

ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except income by way of interest Chargeable to income-tax under the head Income from other sources; (ii) ITR-2 return of income for Individuals and Hindu Undivided Families (HUFs) not having any income under the head P...

Read More
Posted Under: Income Tax |
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