FCA DISA Mcom CIFRS & LLB
9060 Points
Joined February 2009
16. The return of income in Form No. ITR-1 to Form No.ITR-8 for Assessment Year 2009-10 have been notified which requires, amongst other, the quoting of the relevant UTN for every TDS or TCS claim made by the assessee. Therefore, the credit for any TDS or TCS claim will be allowed, amongst others, if the assessee quotes the relevant UTN for every TDS and TCS claim and the said UTN matches with the UTN in the database of the Income Tax Department. With a view to enabling the processing of returns relating to Financial Year 2007-08 (Assessment Year 2008-09) and enabling the assessee to receive the UTN for TDS and TCS transactions in the Financial Year 2008-09 (relevant for Assessment Year 2009-10),
the following procedure shall be followed: -
(a) National Securities Depository Limited (NSDL) shall assign an UTN for every TDS and TCS
transaction records in Financial Years 2007-08 and 2008-09, reported in the quarterly
returns received by it.
(b) NSDL will create a facility to e-mail the UTN file to the deductor if the e-mail address of
the deductor is available with them. In addition, they will also create a facility for the
deductor to download the UTN file.
(c) Upon receipt of the UTN, the deductor will inform the UTN to the deductee. In cases
where the UTNs are available to the deductor before the issue of the TDS/TCS certificate
to the deductee, the deductor will indicate the UTNs on the certificate. However, if the
UTNs are not available to the deductor before the issue of TDS/TCS certificate, the
deductor shall, subsequently, send a consolidated statement of all TDS/TCS transactions
indicating the UTNs.
(d) NSDL will also create a facility to allow independent viewing of the UTNs by the
deductee. As a result, even if the UTNs are not received by the deductee from the
deductor, they can be directly obtained from the NSDL database and quoted while
making claims of TDS and TCS in the return of income.