Unique Transaction Number (UTN) not mandatory for time being
The Central Board of Direct Taxes has deferred the implementation of furnishing of the unique transaction number (UTN) for filing income-tax returns.
Accordingly, taxpayers filing their returns for the assessment year (AY) 2009-10 or any other earlier assessment years can do so without mentioning the UTN, as required under a notification (No 31 of 2009) issued in March, a CBDT release said.
The CBDT had earlier stipulated that income-tax assessees should furnish the UTN when they file their income-tax returns from this year (AY 2009-10), if they have to make claims for TDS (tax deducted at source) credit.
It was also specified that National Securities Depository Ltd would provide the UTN number for every TDS transaction in 2007-08 and 2008-09.
How UTN helps
The UTN was proposed to facilitate the verification of pre-paid taxes such as TDS with the data available in the NSDL system. The verification is important as no document is required to be filed with the return of income.
An official release issued today said that all deductors/collectors of tax deducted at source/tax collected at source (TDS/TCS) may continue to deposit their TDS/TCS and file their quarterly TDS/TCS returns according to the procedure existing prior to issuance of notification No 31.
The date from which notification No 31 will become applicable on TDS or TCS and deposited during the current financial year will be notified by CBDT subsequently, the release added.
You can now generate ITR-1 and ITR-2 using this GConnect’s online tool
Source: The businessline