Lok Sabha The Government has decided to make it compulsory to quote Unique Transaction Number (UTN) in the Income-tax return forms to be filed by all the assessees to whom such number has been allocated by the Income-tax Department. Since the UTN has not been communicated to the taxpayers, therefore, the requirement of quoting UTN in Income-tax return form for assessment year 2009-10 has been kept in abeyance. Unique Transaction Number would be allotted against each transaction in which tax has been deducted or collected at source. It is proposed to make it compulsory to quote this Number in the Income-tax return forms so as to ensure prompt verification and granting of tax credits to the tax payers. This system of allotting Unique Transaction Number is expected to become operational by 1st January, 2010. This information was given by Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question raised in Lok Sabha today.

 

Unique Transaction Number mandatory in tax returns to ensure verification and timely tax credit allocation. The Unique Transaction Number must be quoted in Income-tax return forms by assessees to whom it is allocated, as it will be allotted against each transaction where tax is deducted or collected at source to ensure prompt verification and accurate granting of tax credits; the requirement was deferred for the stated assessment year pending communication of the numbers, with the allotment system expected to become operational on the announced implementation date.