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 asses...
Income Tax : Income Tax Department has introduced a scheme for centralized processing of annual income-tax returns which envisages no interface...
Income Tax : ITR-1 return of income for individuals having income from salary/ pension/ family pension and not having any other income except i...
Income Tax : A new form introduced by the Central Board for Direct Taxes (CBDT) to improve tax deductions at source (TDS) has allegedly made th...
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 (...
Income Tax : The Central Board of Direct Taxes (CBDT) has reinstated the tax deduction at source (TDS) rules/ forms that were earlier discontin...
Income Tax : The government has decided to shelve the introduction of the unique transaction number, which tax payers need to quote along with ...
Income Tax : The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be fil...
Income Tax : The government is considering to re-introduce one-pager ‘Saral form for filing income tax return. The form was discontinued in 2...
Income Tax : The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting fo...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
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, otherwise refunds may not be considered.
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.
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 identity number like UTN from the next fiscal, in addition to the permanent account number to ensure prompt verification and granting of tax credits to tax payers.
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.
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.
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.
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.
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 […]
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 TCS so that the credit for TDS and TCS can be granted accurately and the risk of financial fraud is minimized.
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 Profits or gains of business or profession;
