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Food inflation rises to 16.55% for the week ended 22nd May

The rise in food inflation has been attributed to higher prices of pulses, fruits and vegetables

Food inflation rose to 16.55% cent for the week ended 22nd May 22, 0.32 percentage points higher from 16.23% in the previous week, reports PTI.

The rise in food inflation has been attributed to higher prices of pulses, fruits and vegetables.

The uptick was mainly due to a 7% increase in fish marine prices, 5% rise in prices of poultry chicken, 2% in prices of barley and masur each and 1% increase in prices for fruits and vegetables.

However, coffee turned cheaper by 5% while wheat prices eased by 1%.

Among non-food articles, raw rubber prices rose by 5% and raw silk and castor seed by 4% each.

The inflation for primary articles rose to 16.89% for the week as compared to 15.90% in the previous week while the fuel group inflation surged to 14.14% against 12.08% in the previous week.

On an annual basis, prices of pulses rose by 30.84%, milk by 21.12% and fruits by 13.74%.

The overall inflation for April stood at 9.59%, moderating slightly from 9.90% in March, according to the provisional data.

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Finmin scraps UTN, announces new method for tax refunds

The move to introduce UTN had invited concerns as it would have brought in a slew of formalities for tax payers, through their respective collectors and deductors, to avail the new number and file their returns on time

In a fresh move, the finance ministry on Wednesday said income tax payers will have to mention the receipt number of tax deducted at source (TDS) forms in the returns to claim refunds, from this fiscal, reports PTI.

Tax payers will have to mention this number along with their 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 (UTN)—which was originally scheduled to come into effect from 1 January 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.

As such, the receipt number of TDS return filed by deductor has come in place of new 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.

Meanwhile, the ministry has also changed the last date of filing TDS returns from the last quarter of the financial year to May 15 from earlier June 15.

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