I-T department news on ‘Unique Transaction Number’ for TDS assesses

Google+ Pinterest LinkedIn Tumblr +

The income tax department has introduced a ‘Unique Transaction Number’ for assessees whose taxes are deducted at source and hence they will have to wait for some time before filing returns before 31st July 2009 this year.

The I-T department has made the UTN number mandatory for all assessees whose tax is deducted at source to overcome the problem of individual asseessees having more than one permanent account number (PAN), sources said.All individual assesses whose tax is deducted or collected at source will have to quote the UTN, the department said.
Who will issue UTN?
The National Securities Depository Ltd will give the UTN to all assessees whose tax is deducted or collected at source through tax deductors. Tax payer including salaried employees has to get it from their employer.
“Assesses must ensure that the deductor and the collector have provided them with separate UTNs in respect of each TDS and TCS transaction,” the income tax department said in a circular.
NSDL has started giving UTNs and the I-T department expects the process to get over by 30 June. Taxpayers have about 39 days to file tax returns as of now.
In ITR it is already incorporated just after employer’s TIN in the excel template.
This is mainly intended to eliminate duplicate PAN numbers and ensure proper credit of the tax.

About Author

Knowinfonow.com is a trusted financial blog with over 23 years of expertise, dedicated to offering invaluable insights and resources to tax professionals, taxpayers, and the general public in managing their day-to-day financial activities. We embrace guest authors, enriching our platform with diverse perspectives and expertise in relevant subjects.

Leave A Reply