As the deadline for filing returns comes close, the Unique Transaction Number(UTN) has become one of the most discussed topics.
We were flooded with questions on UTN, which explains the sole purpose of putting forward this article to our users on what UTN is all about. This article also contains the recent press release by the Central Board of Direct Taxes (CBDT) on UTN. What is UTN? UTN is the Unique Transaction Number, which will be allotted by NSDL upon making a payment of taxes in form No 17. Further NSDL is in the process of allotting UTN for the TDS payments made in FY 08-09. The Income tax Department has postponed the implementation of UTN requirement for Refunds.
The new Income Tax Returns for AY2009-10 has an additional field for TDS schedule called UTN (stands for Unique Transaction Number) for every TDS record. The IT department initially required the UTN as a mandatory field, however the IT department has since removed the need for UTN for this year AY2009-2010. UTN is not mandatory for filing returns for AY 2009-10 You can now file your Income Tax Return for the Financial Year 2008-09(AY 2009-10) without the need to quote your Unique Transaction Number (UTN).
In a much awaited Press Release, the Central Board of Direct Taxes(CBDT) have decided to postpone the UTN 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.
The Press Release from CBDT is available at the following link: http://www.incometaxindia.gov.in/archive/CBDT_Press_Release_30062009.pdf With this information at hand, we are sure many of you would breathe a sigh of relief and e-file your returns peacefully! Source: http://www.incometaxindia.gov.in/archive/CBDT_Press_Release_30062009.pdf , http://www.tin-nsdl.com