IT Dept keen on single window facility for large tax payers
October, 11th 2007
After the success of large tax payer unit (LTU) at Bangalore, the Income Tax Department is keen on setting up the facility in Mumbai, which accounted for 40 per cent of the total direct tax collections.
"IT Department, Mumbai region, will be organising a seminar on October 12 to educate large tax payers about the functioning of the LTU and its benefits," IT Department said.
LTUs provide single window facility for three stream of taxes, allow electronic-filing of tax returns and also e-payment of taxes in a less cumbersome process. Large tax payers with tax obligations over Rs 5 crore can opt for this scheme.
The LTU in Bangalore is operational since October last year after the Finance Minister proposed to set up such a single window interface for Central Excise, Income Tax and Service Tax matters in four metros and Bangalore in his Budget proposals for 2005-06.
In Mumbai region, the IT Department is keen on setting up LTU and require a minimum of 30 large tax payers to initiate the process.
In Bangalore, the LTU started with 31 large tax payers and presently is rendering services to 44 large tax payers and another 40 large tax payers are eligible to join LTU, the department said.
Each large tax payer has to appoint one resource person who interacts with the IT Department official placed in the LTU.