« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.