Dear Friends,In new ITR for Ay 2009-10 new columns has been inserted in TDS schedule regarding UTN(inique Transaction Number) ,at the time of releasing of Form Every body assume that this is a error by Income tax Department but Now department has clarified vide circular 2/2009 that UTN is mandatory to be filled in New ITR for AY 2009-10 ,otherwise TDS credit will not be given.But after these circular Following new point arises which requires clarification.
- Department has issued clarification circular on 21/05/2009 ,however person can file his return for Ay 2009-10 from 1st April 2009 ,so what will be the remedy for tax payers who have filed their return between Ist April 2009 to 21st may 2009 without the detail of UTN.
- Department has started New form 26AS from the year 2005-06 ,In which TDS and entries are being posted from TDS return uploaded by the Deductor ,so if the Credit has been shown in form 26AS for tax deduction then credit should be given to the deductee even he has not filled UTN detail in ITR.
- Last quarter return for previous year 2008-09 regarding TDS (24Q and 26Q) can be submitted by the deductor upto 15th June 2009.As per detail given below UTN number of AY 2009-10 can be alloted by NSDL only after receipt of TDS return from deductor and thereafter deductor will provide UTN numbers to deductee either in seprate sheet or in New form 16 Format with UTN by 30th June 2009.So in best possible scenario deductee can get detail of UTN by 30th June2009 where as last date to file Income tax return is 31.07.2009 so deductee has only one month time to file the return.so In my opinion this time should also be extended and date to file Income tax Return for Ay 2009-10 should be extended to 30.09.2009 for taxpayer which is presently fixed as 31st July 2009.
DETAIL OF FLOW CHART
A) Deductor will upload/furnish deductee details (entries of tax deduction) through quarterly return 24Q/26Q/27Q for tax deducted up to 31.03.2009B)Deductor will upload/furnish deductee detail at the time of deposit of tax through Form 17 for tax deduction after 01.04.2009(form 17 for the TDS deducted up to 31.05.2009 can be uploaded from 01.07.09 to 15.07.09)
C) TIN-NSDL will generate UTN on the basic of quarterly TDS/TCS return/Form 17
D) TIN -NSDL will also update the Pan Ledger (form 26AS) of the each PAN .Assessee can view his tax posted through TDS and Advance/self assessment tax in his Pan Ledger after registration.
E) NSDL will distribute the UTN generated to the Deductor through mail if available and in other case will provide download facility to the Deductor from where Deductor can download UTN in respect of their Quarterly return after due verification of Tan Holder.(may be by putting PRN for quarterly return)
F)Deductee can verify any UTN details through NSDL
G)Deductor ,after downloading the UTN from NSDL ,will provide the same to Deductee by 30 June 2009 through new Form 16/16A or on separate Sheet if form 16/16A has already been issued to the deductee.(but till today 24.06.2009,NSDL has not provide the UTN to Deductor itself)
H) After receiving the UTN from Deductor or through Form 26AS ,deductee will furnish UTN on income tax return form which is also mandatory for deductee to claim the TDS against tax due.
I to J) on the basis of information filled in ITR by deductee ,Information from TIN-Nsdl and Information from Deductor ,Income tax Assessing officer will process the return of the assessee.
UTN MANDATORY TO FILE ITRs FOR A.Y.2009-10
. The return of income in Form No. ITR-1 to Form No.ITR-8 for Assessment Year 2009-10 have been notified which requires, amongst other, the quoting of the relevant UTN for every TDS or TCS claim made by the assessee. Therefore, the credit for any TDS or TCS claim will be allowed, amongst others, if the assessee quotes the relevant UTN for every TDS and TCS claim and the said UTN matches with the UTN in the database of the Income Tax Department. With a view to enabling the processing of returns relating to Financial Year 2007-08 (Assessment Year 2008-09) and enabling the assessee to receive the UTN for TDS and TCS transactions in the Financial Year 2008-09 (relevant for Assessment Year 2009-10), the following procedure shall be followed: -
(a) National Securities Depository Limited (NSDL) shall assign an UTN for every TDS and TCS transaction records in Financial Years 2007-08 and 2008-09, reported in the quarterly returns received by it.
(b) NSDL will create a facility to e-mail the UTN file to the deductor if the e-mail address of the deductor is available with them. In addition, they will also create a facility for the deductor to download the UTN file.
(c) Upon receipt of the UTN, the deductor will inform the UTN to the deductee. In cases where the UTNs are available to the deductor before the issue of the TDS/TCS certificate to the deductee, the deductor will indicate the UTNs on the certificate. However, if the UTNs are not available to the deductor before the issue of TDS/TCS certificate, the deductor shall, subsequently, send a consolidated statement of all TDS/TCS transactions indicating the UTNs.
(d) NSDL will also create a facility to allow independent viewing of the UTNs by the deductee. As a result, even if the UTNs are not received by the deductee from the deductor, they can be directly obtained from the NSDL database and quoted while making claims of TDS and TCS in the return of income.
If any body has a doubt about UTN or want to give their version or view about UTN than kindly put it in the comment section belowNOTE:UTN is now not mandatory for AY 2009-10 as per press release 30.06.2009 read here... post given above is now academic purpose only
Update:24.07.2009
UNIQUE TRANSACTION NUMBER
Press Release No. BSC/BY/GN-276/09, dated 24-7-2009
The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department. Since the UTN has not been communicated to the taxpayers, therefore, the requirement of quoting UTN in Income-tax return form for assessment year 2009-10 has been kept in abeyance.
Unique Transaction Number would be allotted against each transaction in which tax has been deducted or collected at source. It is proposed to make it compulsory to quote this Number in the Income-tax return forms so as to ensure prompt verification and granting of tax credits to the tax payers.
This system of allotting Unique Transaction Number is expected to become operational by 1st January, 2010.
This information was given by Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question raised in Lok Sabha today.
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