The Hindu : Tamil Nadu / Chennai News : Chamber urges relook at UTN for income-tax payers this year

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Friday, Jun 26, 2009
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Tamil Nadu

Tamil Nadu - Chennai

Chamber urges relook at UTN for income-tax payers this year

Special Correspondent

CHENNAI: The Sindhi Chamber of Commerce on Thursday urged the Centre to reconsider the introduction and mandatory use of the Unique Transaction Number (UTN) from the current financial year instead of assessment year 2009-2010.

A recent circular had stated that UTN must be mentioned by all assesses claiming TDS and TCS with effect from assessment year 2009-2010.

In a press release, SCC president Gurumukh Kinger stated: “NSDL will be required to generate UTN’s for a large number of TDS/TCS transactions for this financial year. It is highly impractical to expect that this work can be completed before the last date of filing tax returns for Assessment Year 2009-2010 i.e. by July 31. Besides, the new system is bound to create chaos, delays and incurrence of additional unwarranted expenses to assesses.”

Mr. Kinger wondered about the fate of TDS certificates already issued with the introduction of the new system. “Will they have to file revised returns? Or will they have to file their TDS returns once again, quoting UTN?”

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