Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« 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

New tax guidelines create confusion: Mukesh Patel
June, 06th 2009

The decision of Central Board of Direct Taxes (CBDT) that credit for any tax deducted at source (TDS) in the income-tax returns will be allowed only if the tax payer quotes the relevant Unique Transaction Number (UTN) for such a claim has created confusion, said tax consultant Mukesh Patel at a seminar on Filing of tax returns & E-TDS procedures' organised at Gujarat Chamber of Commerce and Industry (GCCI) on Friday.

The CBDT announcement has come almost two months after the end of fiscal year 2008-09.

"Given the complexities, it would be impossible for even union finance minister to file his own tax returns for the assessment year 2009-10, thanks to the new CBDT guidelines for filing of returns," he said.

The National Securities Depository Limited (NSDL) has been assigned to prepare UTN for TDS transaction record. "If one visits the website of NSDL, nothing in this regard is available," he said, adding, "In its zeal to implement something innovative, the CBDT seems to have lost sight of several practical implications. NSDL will be required to generate UTNs for a very large number of TDS transactions, which looks impossible before July 31, 2009. The issue should be raised through Right to Information Act (RTI) as the matter is related to crores of tax payers across the nation".

Meanwhile, All Gujarat Federation of Tax Consultants (AGFTC) on Friday submitted a memorandum to union finance minister to look into the matter.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting