The government has decided to shelve the introduction of the Unique Transaction Number (UTN),which tax payers need to quote along with Permanent Account Number when tax is deducted/collected at source. The scheme was to 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 the Permanent Account Number (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 January 1,2010. 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. The decision has been taken keeping in mind the nearing end of the fiscal year. Moreover,the exercise to have a new identity number is huge,the official said.
