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Unique Transaction Number (UTN) Withdrawn - Jan 2010

Finance Ministry has decided to scrap-down the much hyped Unique Transaction Number (UTN) concept, and look for some other alternative for coming fiscal. The system was due for implementation by January 2010.

PTI Sources confirm the Finance ministry stating, "The introduction of UTN, which was scheduled to be implemented from January 2010, has been shelved in all probability. The process of filing tax returns remains the same as earlier". DIT officials quote stating, UTN call has been taken, however changes in quarterly returns and Challan payment procedures will be chalked in similar lines to Form 24C and 17.

Officials confirm on the news of postponement of procedures stating “UTN process was called to be most complicated system in TDS, where the count runs in millions, and chances of mistakes were high, even though automatic”. Alternative, simple tracking procedures are looked into and with respective upgrade in system would be brought by coming FY 2010-11. Finance Minister is also expected to provide more information on coming Financial budget.

In the method of Challan payment, procedure, similar to Form 17 is expected for introduction. Sources state, “ITNS-281 difficulty the process of Challan payment, by making TAN holder to go through e-Payment several times with respect to category (section) of TDS. Form 17 was drafted to get this process reformed. UTN withdrawal would call for respective changes in Challan payment system and bring in an entirely new system.”

The process will change from coming fiscal. However, there is no clear indication from any sources, what procedure would come into effect from April 01, 2010.

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