« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  No further queries from taxman... STT collections surge in Q1... » Easy times ahead of large tax-payers August, 10th 2006 The wait for 600-odd large taxpayers may be over now with the finance ministry implementing the Large Taxpayers Unit Scheme (LTU) by October this year. The scheme which was supposed to be implemented by April this year, was put on hold but now the ministry is determined to set up the first facilitation centre in October. M H Kherawala, chairperson CBDT, announced that the first office under LTU scheme would be opened in Bangalore on October 1, 2006. The second office is expected to come up in Chennai subsequently. Opening of offices in three metropolitan cities -- Delhi, Kolkata and Mumbai and then in smaller ones will depend on sufficient participation by large taxpayers, she observed. The scheme not only aims at procedural simplification for all large tax payers by providing a single-window facilitation centre that caters to all large entities paying excise duty, corporate tax /income tax and service tax. These units include not only those that pay excise duty or service tax of Rs 5 crore or more but a corporation tax of Rs 10 crore-plus. This scheme, says V Sridhar, director general (systems), will enable the large taxpayers to file all his direct taxes, excise and service tax returns at a single place, irrespective of the geographical location of his units. The returns of the company and its units can be filed electronically and the payment of tax/duty can be made electronically. Gradually, there is a proposal to provide these units with required software and infrastructure to enable them to submit other documentations such as rebate/ refund claims, etc. electronically. He also noted that since the corporate could choose to opt out of the LTUs scheme after a year of registration, there would be pressure in the government to ensure that the assured benefits accrue to the industries to hold their interest and participation. Even though the government was initially keen that the LTU scheme be implemented on a mandatory basis, India, Inc. had suggested that it should be made optional. Taking a cue from that, the corporate can choose to opt out of the LTUs scheme after a year of registration.