« Top Headlines » Open DEMAT Account in 24 hrs  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session) «  Grievance redressal online, courtesy MCA... ICAI sub-group to tackle tax audit ceiling issue... » I-T is ready to pamper the crorepatis September, 12th 2006 Come October 1 and instead of dull old buildings, swanky tax offices would welcome corporates when the first large tax payer unit (LTU) rolls out in Bangalore. The one-stop shop for large taxpayers who pay more than Rs 10 crore in corporate tax and Rs 5 crore in excise or service tax through the personal ledger account in 04-05 would be greeted by dedicated hip-hop executives in the LTUs. One dedicated officer would function as a point-of-contact for the corporate just as it is done in advertising agencies where an account executive handles all matters of the client he looks after. Similarly, just as an account executive interacts with other departments depending on the problem faced by the corporate, the dedicated tax official will guide the company in all tax issues it may face. The LTU concept is part of the finance ministrys plans to provide a hassle-free atmosphere for India Inc to discharge their tax obligations, and in the process encourage a higher rate of compliance. Also, when a corporate signs up for LTU, all its units, irrespective of their location, would have the facility to file their returns at one place. The only exception would be in cases involving central excise, where certain functions involving physical presence of the department would continue to be performed by the local tax commissionerates, as a measure of facilitation to the trade. As per the rules that have been run in, only those companies can join an LTU, which are at present assessed for income and corporate tax in any of the five cities of Delhi, Bangalore, Chennai, Mumbai and Kolkata. So far 33 corporates have signed up for Bangalore, though the response has been lukewarm in Mumbai. The finance ministry may bring about certain changes in the excise rules to facilitate the transfer of excess excise or service tax credit of a taxpayer from one of his unit to another. Coinciding with the roll out of the first LTU, the automation of the central excise and service tax department will also be initiated.