In a significant relief to taxpayers, the Central Board of Direct Taxes on Tuesday decided to defer the usage of the Unique Transaction Number while filing returns for tax deducted at source in the current assessment year. They can continue using the earlier forms 16, 16A and 16AAA and challan 281 for filing returns for tax deduction and tax collection at source.
The CBDT in April had announced an overhaul of the TDS forms and replaced the earlier forms with Form 17, and making it mandatory for assessees to deposit taxes online, quoting the UTN. The move to introduce the UTN was aimed at making the return filing process simple and in line with the department’s efforts to make the filing electronic.
The UTN was to be given by National Securities Depository Ltd to those whose tax is deducted or collected at source, while individual assessees could get the number from their deductors.
But following confusion amongst taxpayers and lack of preparedness on the department’s part, the Board in May had decided to defer the new forms till July. FE had reported at the time that the department is planning to scrap the new forms.”Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN). All deductors and 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 the notification,” the CBDT said in a statement on Tuesday.
The finance ministry in April had also notified Form 17, which ‘shall be kept in abeyance for the time being,’ the department said on Tuesday. Officials said the UTN will now be introduced at a later date.
Source: The Financial Express
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