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Thread: IMPORTANT Info - Income Tax

  1. #1
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    Default IMPORTANT Info - Income Tax

    IT assessees have to quote unique transaction number. This should appear in the form-16 against each TDS deduction.UTN refernce is mandatory and form-16 without UTN reference will not be eligible for refund claims.

    Check the URL for details

    http://www.hindu.com/2009/06/24/stor...2459451000.htm

    Amit
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    “The happiest people are not those who live on their own terms…but are those who change their terms for the ones whom they love”


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    Default

    Quote Originally Posted by CA_Amit View Post
    IT assessees have to quote unique transaction number. This should appear in the form-16 against each TDS deduction.UTN refernce is mandatory and form-16 without UTN reference will not be eligible for refund claims.

    Check the URL for details
    http://www.hindu.com/2009/06/24/stor...2459451000.htm
    Amit,
    Thanks for the above info. I have recieved Form -16 From my company and no UTN is mentioned on it. I have asked my finance team and they told that they have not recieved any info regarding UTN.
    What to do now? as last day for IT return is 31 July'09.
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    Confused,

    I advise you to wait because UTN is mandatory if you want IT refund.
    Amit
    Pls follow Rules/Guidelines @ PolicyWala
    “The happiest people are not those who live on their own terms…but are those who change their terms for the ones whom they love”

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    Default

    Quote Originally Posted by CA_Amit View Post
    IT assessees have to quote unique transaction number. This should appear in the form-16 against each TDS deduction.UTN refernce is mandatory and form-16 without UTN reference will not be eligible for refund claims.

    Check the URL for details
    http://www.hindu.com/2009/06/24/stor...2459451000.htm
    You can file the returns based on the form-16 issued

    Press Release No. 402/92/2009 - MC (11 of 2009), dated 11-5-2009
    The Central Board of Direct Taxes have decided to defer the implementation of Notification No. 31/2009 dated 25-3-2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962. The amended / substituted Rules will now come into effect on 1st July 2009 instead of 1st April 2009. Tax deductors / collectors may continue to deposit TDS / TCS tax and file TDS / TCS returns as per the pre-amended provisions in the interim period
    * SAFE
    Self Appointed Financial Expert

  5. #5
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    Exclamation

    UTN not mendatory for filing it returns
    The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.

    Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under the said Notification. The filing of such returns shall be treated as valid and in compliance to the requirements under section 139 of the Income Tax Act, 1961.

    Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently.

    All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009.

    BSC/BY/GN-154/09

    Source -
    http://www.pib.nic.in/release/release.asp?relid=49505


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