TIN
This query is : Resolved
10 September 2010
what is TIN?
What are its requirements?
and when is it required???
What are its requirements?
and when is it required???
10 September 2010
TIN - taxpayer Identification Number, issued under State VAT act. VAT act applicable dealers need to get the TIN from the department, for doing Business we need to get the number and quote in all the transactions and submit the tax, return based on that number only
10 September 2010
The Income Tax Department has been regularly introducing few measures to unearth black money. Tax on cash withdrawals and the annual information returns (AIR) are only few to be named. Now it has come up with TIN - Tax Information Network. Though it was announced in the Union Budget 2003-04, this is the second phase of the proposed system. We will look into the features of TIN, the objectives and the benefits to the government.
10 September 2010
Features of TIN =
The banking system will be linked to the TIN central system.
The banks will be providing online accounting information on tax paid by various entities to the TIN central system.
TIN also provides direct uploading by deductors through a web interface.
TIN design provides TIN Facilitation Centres for different entities having different computer skills.
The banking system will be linked to the TIN central system.
The banks will be providing online accounting information on tax paid by various entities to the TIN central system.
TIN also provides direct uploading by deductors through a web interface.
TIN design provides TIN Facilitation Centres for different entities having different computer skills.
10 September 2010
Objectives of TIN
The demat of TDS/TCS certificates will enable paperless filing of I-T returns by assessees.
The cross verification of the TDS and the TCS by the various organisations (deductors) with the credit claimed by the respective assessees will also help in eliminating TDS frauds.
e-filing of TDS returns by the Government and corporate employer organisations will eliminate the need to enclose copies of challans and other documents and thus lead to a marked reduction in the cost of tax compliance.
The computerisation of AIRs on high value transactions will result in eventual widening and deepening of the country's tax base.
The demat of TDS/TCS certificates will enable paperless filing of I-T returns by assessees.
The cross verification of the TDS and the TCS by the various organisations (deductors) with the credit claimed by the respective assessees will also help in eliminating TDS frauds.
e-filing of TDS returns by the Government and corporate employer organisations will eliminate the need to enclose copies of challans and other documents and thus lead to a marked reduction in the cost of tax compliance.
The computerisation of AIRs on high value transactions will result in eventual widening and deepening of the country's tax base.
Message likes :
1 times
10 September 2010
agreed with Ravi ji.
Question about TIN for Income tax, but Mr. Ramesh reply for VAT.
Question about TIN for Income tax, but Mr. Ramesh reply for VAT.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
