NSDL has established a nation wide Tax Information Network (TIN) on behalf of the Income Tax Department (ITD). Honourable Union Finance Minister Shri P. Chidambaram has launched this network today, July 22, 2005. Smt. Shyamla Gopinath, Dy. Governor RBI, Shri J. G. Pendse, Member, CBDT and Shri C. B. Bhave, Chairman & Managing Director, NSDL were also present on this occasion. This network can be accessed through NSDL web-site www.tin-nsdl.com.
Direct tax is an important source of revenue for the government. A significant part of direct taxes is collected at the source of income by mandating the parties paying the income to deduct tax at source (TDS) and pay the deducted amount through a select list of bank branches. The deductors are then required to file returns giving details of deductions made, deduction certificates issued and payment particulars. All this amounted to huge documentation and the tax department was inundated with truckloads of documents. Reconciliation in such an environment is almost impossible.
In this background, ITD embarked on an initiative for the modernisation of the current system for collection, processing, monitoring and accounting of direct taxes using modern technology. Such modernisation is expected to enhance convenience in record keeping and return preparation by the deductors and reduce cost of compliance thus improving overall tax compliance. This will also reduce leakage of revenue, increase the tax base, improve process efficiency & transparency and enable speedy reconciliation.
NSDL provides a range of services under TIN, either through a network of TIN-FCs or through its web-site in the form of Online services. The services; such as acceptance of e-TDS/TCS returns, acceptance of Annual Information Returns, processing of applications for PAN & PAN change requests and processing of applications for TAN & TAN change requests, are provided by about 800 TIN-FCs from about 270 locations across the country.
The Online services through NSDL web-site www.tin-nsdl.com include, PAN & TAN applications including change requests, TATKAL PAN & TAN, Status tracking of PAN & TAN applications, Direct upload of e-TDS/TCS and AIR, Challan Status Enquiry and e-TDS/TCS status tracking (w.r.t. quarterly return mandated from FY 2005-06).
The scope of e-TDS/TCS status tracking services include views for deductors as well as for the taxpayers. Deductors can track the status of their returns using online facility. The taxpayers can view the PAN account details as per Form 26AS, which is the Annual Tax Statement through NSDL web-site. These include; details of tax deducted/ collected on behalf of the taxpayer by deductors and advance tax/self assessment tax /regular assessment tax deposited by the taxpayer.
The access to this site is restricted with password and will be allowed only to the PAN holders who have authenticated themselves with the TIN central system.
July 22, 2005