Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: VAT Audit
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

A unique transaction number for I-T payments, now
April, 21st 2009

If an income tax (I-T) notice is bothering you for a tax payment already made, then there is a way out. The Central Board of Direct Taxes (CBDT) has notified the introduction of a unique transaction number (UTN) for every tax payment made by an assesse. The measure will help mitigate mismatch between the tax deducted by an employer or financial institution and also help in getting over anomalies in I-T payment made on inter-company transactions.

A senior taxation official said that although the notification has been issued, the success of the initiative will be known later especially since the issue is still being debated within the board. Some members feel that the success of other initiatives of the department have not been established fully and so the usefulness of this notification may be difficult to establish, he added.

The introduction of UTN, done through the revised Form 16, will increase the compliance burden on deductors who can be an employer or financial institution or a company depending on what count the income tax payment is made. Despite the burden, UTN is a better tracking mechanism as the number will be generated each time a tax challan is filed by a deductor, said Shalini Jain, senior manager, Ernst & Young.

Jain added, PAN helped in tracking TDS (tax deducted at source) credit on a quarterly basis, while UTN can be generated on a monthly basis. UTN will help the government track tax deducted each month for an individual employee. The Form 16 will be treated as a certificate under section 203 of the I-T Act, 1961 for the purpose of TDS on salary.

A set of UTNs will generated and the deductor will need to mention them while giving a tax certificate to the assesse, said the official.

The notification makes several changes in the I-T rules and introduction of the number is one of
them.

On why mistakes slip through and tax payers get notice on non-payment of tax even if they have paid, Shishir Jha, commissioner of income tax and CBDT spokesperson, said it could be triggered if the actual tax is not paid, tax has been paid but cannot be verified by data and if there is no information with the tax authorities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions