« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  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 «  No further queries from taxman... STT collections surge in Q1... » Easy times ahead of large tax-payers August, 10th 2006 The wait for 600-odd large taxpayers may be over now with the finance ministry implementing the Large Taxpayers Unit Scheme (LTU) by October this year. The scheme which was supposed to be implemented by April this year, was put on hold but now the ministry is determined to set up the first facilitation centre in October. M H Kherawala, chairperson CBDT, announced that the first office under LTU scheme would be opened in Bangalore on October 1, 2006. The second office is expected to come up in Chennai subsequently. Opening of offices in three metropolitan cities -- Delhi, Kolkata and Mumbai and then in smaller ones will depend on sufficient participation by large taxpayers, she observed. The scheme not only aims at procedural simplification for all large tax payers by providing a single-window facilitation centre that caters to all large entities paying excise duty, corporate tax /income tax and service tax. These units include not only those that pay excise duty or service tax of Rs 5 crore or more but a corporation tax of Rs 10 crore-plus. This scheme, says V Sridhar, director general (systems), will enable the large taxpayers to file all his direct taxes, excise and service tax returns at a single place, irrespective of the geographical location of his units. The returns of the company and its units can be filed electronically and the payment of tax/duty can be made electronically. Gradually, there is a proposal to provide these units with required software and infrastructure to enable them to submit other documentations such as rebate/ refund claims, etc. electronically. He also noted that since the corporate could choose to opt out of the LTUs scheme after a year of registration, there would be pressure in the government to ensure that the assured benefits accrue to the industries to hold their interest and participation. Even though the government was initially keen that the LTU scheme be implemented on a mandatory basis, India, Inc. had suggested that it should be made optional. Taking a cue from that, the corporate can choose to opt out of the LTUs scheme after a year of registration.