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.
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.
CAclubindia
