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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.

 
 
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