UTN

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jagan reddypatlolla

jagan reddypatlolla (Querist)
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25 June 2009 Can i know what is Unit Traction number (UTN) WHY IT IS USEFUL. PLZ HELF US

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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25 June 2009 UTN stands for Unique Transaction number. This term will going to be used in the new TDS online payment to be applicable from 01.07.2009. When you will make a new online payment then system will generate a UTN for everypayment made by you. You need to mention this number in the TDS return as well as in the TDS certificare as well as the deductee in his income tax return.

CMA Ankur Pandey

CMA Ankur Pandey (Expert)
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25 June 2009
agree with mr. tilak
other points about utn is

In a circular dated May 21, 2009, CBDT, said, "The credit for any TDS...claim will be allowed...if the assessee quotes the relevant UTN for every TDS." Simply put, if a UTN is not mentioned against a TDS transaction then the tax already paid by the individual will be considered unpaid.

It then becomes necessary that companies, who deduct tax every month against salaries, provide employees with UTNs against these deductions. This UTN then needs to be mentioned in the Indian Income Tax Return form that is used for filing tax returns.

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