Finmin scraps UTN,announces new method for tax refunds

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,receipt number of TDS return filed by deductor has come in place of new UTN.

Now the TAN of the deductor,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 here.

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.