Source :NEW DELHI:29 NOV, 2010, 08.40AM IST,PTI
Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department.
The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" income tax-related communication, including returns to be filed next year for the financial year 2010-11.
According to the new guidelines brought out by the Central Board of Direct Taxes (CBDT), the DIN will be mandatory "in respect of every notice, order, letter or any correspondence" with the department, by the taxpayers.
"The DIN will be generated by the I-T department and will be useful, essentially, for error-free filing of tax returns, claiming refunds and other communication with the department by the assesses," a senior Finance Ministry official said.
The 'Aykar Sampark Kendras' will hand out the DIN from this month, the official said.
Assesses will not be put to any trouble, as the numbers will be generated and allotted by the department itself.
I-T officials will also be allotted the numbers in order to streamline the process, the official said, adding, the number has to be produced thereon for every activity with the department.
Taxpayers and tax collectors are currently required to quote Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) among others when returns are filed with the department.
According to section 282B of the Income Tax Act that deals with DIN, if the document sent to the tax authority does not bear this unique computer-generated number then "such document, letter or any correspondence shall be treated as invalid and shall be deemed never to have been received."
DIN is aimed at bringing more transparency in tax administration as the whole exercise involves a number of documents and proformas.
Apart from regular filing of taxes, a taxpayer deals with the department for various other financial services, which DIN will help to ease, the official said.
Source:NEW YORK:AGENCIES,TOI: Nov 29, 2010, 06.06am IST
Top Indian policy planner Montek Singh Ahluwalia figures among the probables to succeed Dominique Strauss-Kahn as the next chief of International Monetary Fund, a report has said.
Noting that the clout and role of the international lender has increased substantially in the emerging markets, the New York Times reported that someone from the developing world was likely to succeed IMF Managing Director Dominique Strauss-Kahn.
Naming Ahluwalia, Deputy Chairman of Planning Commission, among the probable successors to Kahn, the report said IMF's incumbent chief might run for the French presidency in 2012.
"Whatever he (Kahn) decides, his successor is likely to be someone from the developing world.
"Frequently mentioned names include Mohamed A El-Erian, the American-born son of an Egyptian diplomat and an economist who leads the giant bond investor Pimco; Montek Singh Ahluwalia, a senior Indian planning official; and Arminio Fraga and Guillermo Ortiz, former heads of the central banks of Brazil and Mexico, respectively," the daily said.
Ahluwalia has also served at the IMF and its sister institution the World Bank, India's finance secretary and commerce secretary, among others, the report said.
Prior to taking over as the Planning Commission's Deputy Chairman in July 2004, he was the Director (Independent Evaluation Office) at the IMF in Washington for three years. He had also worked as an economist at the World Bank from 1968 to 1971.
A French economist, Kahn has been at the helm of the 187-nation body IMF since 2007 and is also credited with bringing the multilateral lender into the spotlight. G20 leaders, at the recent summit, agreed to shift over 6% voting power in IMF to emerging market economies, including India and China, to reflect the new world order. Once the quota reform is implemented, India's rank in IMF would improve to the 8th position from the current 11th in terms of quota.
