TIN
This query is : Resolved
10 September 2010
what is TIN?
What are its requirements?
and when is it required???
What are its requirements?
and when is it required???
10 September 2010
TIN - taxpayer Identification Number, issued under State VAT act. VAT act applicable dealers need to get the TIN from the department, for doing Business we need to get the number and quote in all the transactions and submit the tax, return based on that number only
10 September 2010
The Income Tax Department has been regularly introducing few measures to unearth black money. Tax on cash withdrawals and the annual information returns (AIR) are only few to be named. Now it has come up with TIN - Tax Information Network. Though it was announced in the Union Budget 2003-04, this is the second phase of the proposed system. We will look into the features of TIN, the objectives and the benefits to the government.
10 September 2010
Features of TIN =
The banking system will be linked to the TIN central system.
The banks will be providing online accounting information on tax paid by various entities to the TIN central system.
TIN also provides direct uploading by deductors through a web interface.
TIN design provides TIN Facilitation Centres for different entities having different computer skills.
The banking system will be linked to the TIN central system.
The banks will be providing online accounting information on tax paid by various entities to the TIN central system.
TIN also provides direct uploading by deductors through a web interface.
TIN design provides TIN Facilitation Centres for different entities having different computer skills.
10 September 2010
Objectives of TIN
The demat of TDS/TCS certificates will enable paperless filing of I-T returns by assessees.
The cross verification of the TDS and the TCS by the various organisations (deductors) with the credit claimed by the respective assessees will also help in eliminating TDS frauds.
e-filing of TDS returns by the Government and corporate employer organisations will eliminate the need to enclose copies of challans and other documents and thus lead to a marked reduction in the cost of tax compliance.
The computerisation of AIRs on high value transactions will result in eventual widening and deepening of the country's tax base.
The demat of TDS/TCS certificates will enable paperless filing of I-T returns by assessees.
The cross verification of the TDS and the TCS by the various organisations (deductors) with the credit claimed by the respective assessees will also help in eliminating TDS frauds.
e-filing of TDS returns by the Government and corporate employer organisations will eliminate the need to enclose copies of challans and other documents and thus lead to a marked reduction in the cost of tax compliance.
The computerisation of AIRs on high value transactions will result in eventual widening and deepening of the country's tax base.
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10 September 2010
agreed with Ravi ji.
Question about TIN for Income tax, but Mr. Ramesh reply for VAT.
Question about TIN for Income tax, but Mr. Ramesh reply for VAT.
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