« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  Service tax on international roaming?... Expenses on bonus shares non taxable, says SC... » 33 cos opt for large taxpayer unit scheme in Bangalore October, 03rd 2006 First scheme to take off today -------------------------------------------------------------------------------- In Asia, 13 countries including Pakistan, Sri Lanka, Bangladesh and Nepal have implemented LTUs -------------------------------------------------------------------------------- The first large taxpayer unit (LTU) in the country is all set to get off the ground in Bangalore on Tuesday. About 33 companies have so far opted for this LTU, which has been designed to render single-window services for large taxpayers. A taxpayer opting for this scheme will be able to file returns on excise duty, service tax and income-tax at the LTU and for all practical purposes be assessed to all these taxes at the unit itself. The Revenue Department had, earlier this year, estimated that there were about 95 large taxpayers in Bangalore who could opt for the LTU scheme. Besides reducing compliance and transaction costs for such taxpayers, the LTUs are also expected to help enhance the efficiency of tax administration. The Government proposes to implement the LTU scheme in four other cities of Mumbai, Chennai, Kolkata and Delhi next year. The scheme had recently been broad-based to even allow services-based organisation to opt for such a facility. A taxpayer (single PAN-based entity) who has paid in cash (or account current) excise duty of Rs 5 crore; or service tax of Rs 5 crore or more; or paid advance income-tax/corporation tax of Rs 10 crore or more in financial year 2004-05 and assessed to income-tax in Bangalore is entitled to opt for the scheme. However, companies engaged in the manufacture of tobacco products or pan masala will not be eligible to avail themselves of this facility. A Chief Commissioner, who has been drawn from the Central Excise Department, would head the LTU at Bangalore and be the overall in-charge. The CBDT has already authorised the Chief Commissioner (LTU) at Bangalore to take up income-tax assessments of those companies who have opted for this scheme. The Finance Ministry initially wanted the scheme to be a mandatory one, but later decided to keep it optional for large taxpayers. Under the LTU scheme, there would be no `mandatory' audit and cases would be taken up on selected basis. In Asia, 13 countries including Pakistan, Sri Lanka, Bangladesh and Nepal have implemented LTUs. In India, LTUs are being implemented in a phased manner.