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of <h1>Centralized Tax System Enhances Efficiency with Electronic TDS/TCS Reporting and Unique Transaction Number Requirement.</h1> The Finance Act, 2008 introduced a centralized system for processing tax returns to enhance efficiency in determining tax liabilities and refunds. A new system for Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) payments and information reporting was established, effective from April 1, 2009. This system mandates electronic payment and reporting by all deductors, including government entities, to ensure accurate data matching and minimize fraud risks. The system requires quoting a Unique Transaction Number (UTN) for TDS/TCS claims, aiming to improve data integrity and expedite taxpayer refunds while reducing administrative interactions.
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