FinMin makes refunds tougher
In a fresh move, the finance ninistry on Wednesday said income-tax payers will have to mention receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal.
Tax payers will have to mention this number along with his permanent account number (PAN) and tax-deduction account number (TAN) of the deductor, otherwise refunds may not be considered.
The announcement by the finance ministry came after it scrapped the proposed introduction of a new number — Unique Transaction Number — which was originally scheduled to come into effect from January 1, 2010.
At the time of scrapping UTN, the ministry had not ruled out the possibility of introducing a new identity number.
The move to introduce UTN had invited concerns from tax payers as it would have brought in a slew of formalities for the tax payers, through their respective collectors and deductors, to avail the new number and file their returns on time.
The receipt number of the TDS return filed by the deductor has come in place of new the UTN.
“Now the tax-deduction account number (TAN) of the deductor, permanent account number (PAN) of the deductee, and receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return,” the finance ministry said in a statement here.
Meanwhile, the ministry has changed the last date of filing TDS returns from the last quarter of the financial year to May 15 from the earlier June 15. — PTI
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