Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New TDS/TCS System: Electronic Payments, Annual Returns, and Unique Transaction Numbers Effective April 1, 2009.</h1> The circular introduces a new system for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) payment and information reporting, effective from April 1, 2009. It mandates electronic payment and reporting by all deductors, including government entities, to improve data integrity and processing efficiency. The system requires a unique transaction number (UTN) for each transaction to ensure accurate matching and credit of TDS/TCS claims. Quarterly returns are replaced by an annual return, and compliance is monitored through mandatory electronic submissions. This aims to streamline tax processes, reduce fraud risk, and facilitate faster refunds.
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