18 April 2009
till date, manual challans were filed and manual challan no. were entered by bank official.
But as of now, UTN will be automatically generated by the system while filing the challan online in the banks. THis UTN no. will be entered in TDS return and on the Form 16 & 16A.
The individual whos tds has been deducted will claim the tds by entrying this UTN so allotted to him in Form 16 & 16A.
THe department will match this UTN and give him the tax credit.
UTN will surely reduce importance of PAN in tax system.
Because if one has not mentioned PAN no. than also he will get credit on the basis of the UTN.
CAclubindia
