« 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 «  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.