Indian government shelves introduction of UTN

The finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to PAN to ensure prompt verification and granting of tax credits to tax payers

The Indian government has decided to shelve the introduction of the Unique Transaction Number (UTN), which tax payers need to quote along with the Permanent Account Number (PAN) when tax is deducted or collected at source, reports PTI.

The scheme was to have come into force from the New Year.

However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to PAN, to ensure prompt verification and granting of tax credits to tax payers.

"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," a senior finance ministry official said.

A similar arrangement of having a new identity number is "under contemplation" but it would only happen from the next fiscal, the official said.

The government had earlier said the system of allotting UTN is "expected" to become operational by 1 January 2010.

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.
 

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