Filing returns for accounting year 2008-2009 while claiming refund for tax deducted at source (TDS) is not going to be an easy task this year.
Filing returns for accounting year 2008-2009 while claiming refund for tax deducted at source (TDS) is not going to be an easy task this year. From assessment year 2009-10, income tax department has made it mandatory to mention Unique Transaction Number (UTN) for all the persons who are claiming refund against tax deducted at source (TDS) in their returns.
If persons filing returns have mentioned their e-mail address in their previous returns, they will directly get their UTN through this email. Those who haven’t will have to provide their email address and then they will get their UTN through this id. They can also get their UTN from the website of NSDL. This system will be introduced soon by the NSDL.
UTN will be assigned for each deduction transaction on successful remittance of the TDS/TCS along with the basic information such as PAN and name of the deductee.
UTN will be required to be quoted in all TDS / salary certificates without which the deductee/employees will not get the refund. From June 1, 2009, all the TDS payments are to be made in new challan form no-17 and by e-payment only giving details of deductee such as names, pan number and amount of TDS in challan. If it’s not possible deductors can make details in their format earlier and upload it along with the form-17 to save time.
Till now central and state governments were not required to make payment towards TDS. They were directly making transfer into government account, but now they will have to make e-payment in form no 17.
In fact, each deductor is required to file form no-24C quarterly in which details of all expenses liable for TDS will have to be given. Form no-24Q which was earlier quarterly will now be yearly to be filed by 15th June every year. If anyone has obtained TAN (Tax deduction Account Number) but no TDS is made even then he/she has to file form no-24C.
NSDL will assign a UTN for every TDS and TCS transaction records in Financial Years 2007-08 and 2008-09, reported in the quarterly returns received by it. It will also create a facility to e-mail the UTN file to the deductor if it has the person’s e-mail.
For April and May every deductor will be required to obtain UTN for the TDS made by them. If it is not complied no credit of TDS will not be given while processing the return of income.
“The government is of the opinion that the new TDS and TCS payment will facilitate accurate, quicker and full credit for taxes paid enabling faster refunds to taxpayers, Manan Chowksi, director of Chowksi Tax Services, said.
“Big companies will be more affected as they will have to give each and every employee’s detail which is like a headache,” said income tax consultant and past president of Income Tax Bar Association, Pramod Popat.
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