« Top Headlines » Open DEMAT Account in 24 hrs  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  Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Finmin moots sweeping changes in subsidy schemes... Direct tax collection grows 61% in four months... » LTUs to come up in Bangalore, Chennai: CBDT August, 10th 2006 The Finance Ministry on Tuesday said the first Large Taxpayers Unit (LTU), a single window facility for big corporates, will be set up in Bangalore on October 1 and the second unit is expected to come up in Chennai subsequently. Opening of offices in Delhi, Kolkata and Mumbai and then to smaller ones would depend on receipt of sufficient participation from the large taxpayers, Central Board of Direct Taxes (CBDT) Chairperson M H Kherawala said at a CII seminar. The government is committed to make LTUs model unit for the world, she said. Finance Minister P Chidambaram had proposed setting up LTUs in Budget 2005-06, with a view to reduce the tax compliance costs and delays for the LTUs. The scheme entails opening up of a single window facilitation centre for all large entities paying excise duty, corporate tax /income tax and service tax. It would cover those units who paid excise duty or service tax of Rs five crore or more or a corporation tax of Rs 10 crore or plus. Customs and Central Excise Director General (Systems) V Sridhar said, to begin with, the returns of the company and its units could be filed electronically and the payment of tax/duty could be made electronically. Gradually there is a proposal to provide these units with required software and infrastructure to enable them to submit other documentations electronically, he added. He said since the corporates could choose to opt out of the LTUs scheme after a year of registration, there would be pressure on the government to ensure that the assured benefits accrue to the industries to hold their interest and participation.