Income Tax Return filers may be given UTN reprieve
Jun 27, 2009
The Central Board for Direct Taxes (CBDT) has apparently approached the Finance Ministry with a proposal to do away with the requirement of providing the Unique Transaction Number (UTN) for taxes paid by assessees for Financial Year 2008-09.
According to their earlier circular, the CBDT had made it mandatory for assessees to mandatorily mention the UTN in the returns being filed for the financial year 2008-09, without which they would not be allowed credit for the tax deducted at source from the income earned by them.
This was apparently at conflicting with their press release dated April 11, 2009, which stated that the amendment / change to the rules would be made effective only w.e.f July 1, 2009 instead of the earlier mentioned April 1, 2009.
Approval from the Finance Ministry to defer the implementation of UTN would come as a huge relief for individuals who either have already filed their i-tax returns or are in the process of doing so.
|