0 UTN NOT MANDATORY FOR AY 09-10-FORM 17 ,24C HELD IN ABEYANCE

God Knows who will give some wisdom to Income tax department .Income tax department first issued the notification on 25.03.2009 that UTN is mandatory for Ay 2009-10 ,further notified that there will be form 17 (tds new challan),24 C(new tds return) and long list of changes in who TDS system as per notification 31/2009 then come with press release on  11/05/2009 hat this notification will be held in abeyance upto 30.06.2009 then come again that New Rules notified in 31/2009 will be applicable for tax deducted on or after 01.06.09 and UTN is must for 2009-10 AY .No body knows who will provide UTN ,where is form 17 (tds challan )..Department has been issuing circular /clarification on this subject without having done proper home work or one can say without any home work and without any discussion with the  any Accounting Body Like ICAI or trade body or one can say even the Board has not discussed it with Govt organisation who is going to be more disturbed  than other due to this notification.but as I have mentioned above they doesn't have a sound mind ...now they have come up with a another press release which says that above said notification is now held in abeyance till further order means they don't know when it will be implemented No plan what so ever....................Yeh India hai meri Jan
Here is the press release issued today(30.06.2009) on UTN and On Form 17 Challan and form 24C

UTN not mendatory for filing it returns
	18:28 IST

The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance 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. Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently. All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009. BSC/BY/GN-154/09

so after This Press release it is cleared that UTN is no longer required for Ay 09-10 and form 17 new TDS challan and Other rules relating to TDS returns etc remain in operative till further orders....so now you can deposit TDS on form 281 and You should file quarterly TDS return By 15 July for first quarter on form

24Q/26Q/27EQ/27Q
Updates 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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0 UTN(unique transaction number) mandatory for ITR AY 2009-10

NOTE:UTN is now not mandatory for AY 2009-10 as per press release 30.06.2009 read here... post given under is now academic purpose only
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.

1. 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.
2. 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.
3. 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 31.03.2009

B)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 below
NOTE: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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1 PAN MANDATORY PHYSICAL SHARES TRANSFER

CIRCULAR NO. MRD/DoP/Cir-05/2009, DATED 20-5-2009

1. The Securities and Exchange Board of India (SEBI) vide circular ref. no. MRD/DoP/Cir-05/2007 dated April 27, 2007 made PAN the sole identification number for all participants transacting in the securities market, irrespective of the amount of such transaction.

2. In continuation of the aforesaid circular, it is hereby clarified that for securities market transactions and off-market/ private transactions involving transfer of shares in physical form of listed companies, it shall be mandatory for the transferee(s) to furnish copy of PAN card to the Company/RTAs for registration of such transfer of shares.

3. All Stock Exchanges are advised to:-

3.1.    implement the above by making necessary amendments to the bye-laws and Listing Agreement, as applicable;

3.2.    bring the provisions of this circular to the notice of the listed companies for necessary compliance and also to put the same on their website for easy access to the investors; and

3.3.    communicate to SEBI the status of the implementation of the provisions of this circular and the action taken in this regard in the Monthly Development Report.

4. All Registrars to an Issue and Share Transfer Agents are advised to:-

4.1.    take necessary steps to implement the above decision.

4.2.    disseminate the provisions of this circular on their website.

5. This circular is issued in exercise of powers conferred under section 11 of the Securities and Exchange Board of India Act, 1992, read with section 55A of Companies Act to protect interests of investors in securities and to promote the development of, and to regulate the securities market.

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0 CHANGES IN eFILING INCOME-TAX RETURN FOR AY 2009-10

NEW CHANGES FOR eFILING OF INCOME-TAX RETURN FOR AY 2009-10

PRESS RELEASE

1. New Users can register their Digital Certificate during registration process

2. During Registration and Forgot Password, Captcha Image needs to be entered by the user for verification. If the image is not clear for the user, they can refresh and get a new image

3. After successful registration of user, User Activation URL sent through Email and user account gets activated only after the user clicks on the activation URL and login

4. User needs to activate his/her account within 10 days of time period. After that the user account gets expired and the user needs to re-register with the EFiling application

5. Secret Question and Answer has been added as part of Registration for more security

6. Existing users, can update their Secret Question and Answer after the Login.

7. Upload with the digital certificate has been mandated to register/update the digital certificate before upload. If the user wants to upload with the digital certificate, the user needs to go to My Account Menu -> Update Digital Certificate page.

8. My Account Menu have an addition of the followings:

1. Update Digital Certificate

2. Update Secret Question and Answer

9. Password – Strength & confirmation indicator provided for the registration, change password, forgot password functionalities

10. During XML file upload any error with the xml file will be displayed to the user at one shot. More than 5 errors will be given as a ‘.CSV’ file to the user for download

11. After successful upload, the user can download the ITR V / ITR Acknowledgement pdf in the success page itself. ITR V/ ITR Acknowledgement pdf zip needs to be saved in the users’ computer to open the file.

12. Users can download the utilities / schema for all the years

13. E-Filing News scroll over stops the text so that the user can read the full content

14. Know Your Jurisdiction has been moved to Services Menu.

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0 E-filing of ITR for AY 2009-10 enabled

E-Filing of ITR for AY 2009-10 has been enabled.Two months of assessment year 2009-10 has already been gone and e filing of ITR for AY 09-10 has now been started.The due date to file the Income tax return for AY 2009-10 for audit cases is 30.09.2009 and for others 31.07.2009.Further due to non availability of UTN from deductor ,person who wants to claim TDS credit have to wait for UTNs from deductor and have to file return only after that.UTN will be available only in last week of June or First week of July.So effectively these persons have Just 20 days to file their return mostly the salaried employees and person who has earn their Income from interest (TDS deducted) will be sufferer.

Further Income tax return efiling and registration process has now changed a little bit .More security features has been added at the time of registration and also for person registered earlier .More over this year onwards return filed online will be processed only at centerlised cell at Bangalore .If return has not been digitally signed then person have to furnish ITR V to central processing cell at Bangalore with 30 days from transmitting of Data.


Address to submit ITR V is
Income Tax Department ,
CPC, Post Box No - 1,
Electronic City Post Office,
Bangalore - 560100,
Karnataka


No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner.
Security features added in E filing site is given below

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0 TRADING IN MCX SE IS NOT SPECULATION BUT BUSINESS INCOME

Good News for traders who are trading in MCX stock exchange in forward contract of  currency . various commodities. As per new notification of CBDT MCX SE is now a recognised stock exchange for the purpose of  section 43(5).Means that income from trading done in MCX stock exchange will now be treated a business income rather than speculation activity from 22.05.2009.After this the loss /profit from activities in MCX stock exchange  can be set off with Normal business income and all other benefit/adjustment which is available to normal business income,will now be available to transaction of commodity forward contract currency contracts,executed through the MCX stock exchange.This change is regarding only for transaction  done through MCX SE and not applicable to other exchanges.

Correction:There is Diff between MCX SE and MCX.
MCX SE deals in currency contracts whereas MCX deals in commodity futures.

Full text of the notification is given below.

NOTIFICATION NO. 46/2009, DATED 22-5-2009

In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule 6DDB of the Income-tax Rules, 1962, the Central Government hereby notifies MCX Stock Exchange Ltd. as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the Official Gazette.

2.        MCX Stock Exchange Ltd. shall separately maintain data regarding all transactions registered in the system in which client codes have been allowed to be changed for periodical inspection by the Director-General of Income-tax (Investigation) having jurisdiction over such exchange and provide copies of the relevant information as and when required.

3.        The Central Government may withdraw the recognition granted to MCX Stock Exchange Ltd. if any of the conditions specified in rule 6DDA of the Income-tax Rules, 1962, subject to which the recognition is granted, is violated.

4.        This notification shall remain in force until the approval granted by the Securities and Exchange Board of India is withdrawn or expires, or this notification is rescinded by the Central Government as provided in sub-rule (5) of rule 6DDB of the Income-tax Rules, 1962.

[F. No. 142/25/2008-TPL]

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