« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.