By CA Manoj Kohli 28th July 2009 The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department. Since the UTN has not been communicated to the taxpayers, therefore, the requirement of quoting UTN in Income-tax return form for assessment year 2009-10 has been kept in abeyance.
Unique Transaction Number would be allotted against each transaction in which tax has been deducted or collected at source. It is proposed to make it compulsory to quote this Number in the Income-tax return forms so as to ensure prompt verification and granting of tax credits to the tax payers.
This system of allotting Unique Transaction Number is expected to become operational by 1st January, 2010.
This information was given by Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question raised in Lok Sabha yesterday.