TIN

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Neha Patial

Neha Patial (Querist)
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10 September 2010 what is TIN?
What are its requirements?
and when is it required???

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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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.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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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.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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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.

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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10 September 2010 agreed with Ravi ji.
Question about TIN for Income tax, but Mr. Ramesh reply for VAT.

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