Tuesday, June 30, 2009

UTN (Unique Transaction Number) unleashed

What is UTN?
It is a unique number used by income tax department to track every Tax Deducted at Source (TDS), Tax Collected at Source (TCS) transaction.

Where to Find the UTN?
UTN should be provided by the company/ person who deducts tax on your behalf and deposits the same. If your deductor has not provided you with the UTN for all your tax deductions, then the same can be obtained from NSDL, although this requires a 1 time registration.

I donot have UTN, Can I file my returns?
As on date, Income tax department is accepting returns at their office and website (eFiling) both without UTN. eLagaan supports UTN for tax preparation and has kept is optional.

Whenever, Income tax department stops accepting tax returns without UTN, eLagaan will keep track and make necessary changes to our systems. So you don't have to worry or keep a track about changing tax laws (learn more). All you need to do is use eLagaan to prepare updated tax returns as per latest income tax laws.

And if you ever have any tax queries just fire away your questions at our income tax forums.