[STC-Salt Lake] On-Line Tax Accounting System (OLTAS) from tomorrow

  • From: "Anup Sen, STC, Salt Lake City, Kolkata" <anupsen@xxxxxxx>
  • To: E-Group STC Salt Lake City Kolkata <banknews@xxxxxxxxxxxxx>
  • Date: Mon, 31 May 2004 20:46:48 +0530

From : E-Group, STC, Salt Lake, Kolkata
 

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Title: State Bank of India, Staff Training Centre, Salt Lake, Kolkata. : : stcsaltlake@xxxxxxxx : :

 

On-Line Tax Accounting System (OLTAS) from tomorrow 

 

 

Monday, May 31, 2004

 

  

As part of making tax payment simpler and faster, an Online Tax Accounting System (OTAS) will come into effect from tomorrow. The new online system would simplify the procedure of tax payment and ensure that taxpayers get accurate credit for their payments.

 

It would also enable Income Tax department to monitor tax collections on a day-to-day basis, it said. The tax payments from banks will reach the Tax Information Network (TIN) of the Government in 2 days instead of the present over 15 days.

 

The IT department will introduce the system of online tax payment throughout the country from June 1st. The new system will simplify procedures by reducing the number of challans to 3 from the present 7 required for paying tax through banks.

 

Taxpayers will have to fill a single copy tax challan instead of 4 as at present and it would be identifiable by a unique Challan Identification Number (CIN) as also the Permanent Account Number (PAN) or Tax Deduction Account Number (TAN). Banks would enter the data from the main copy of the challan and transmit it online to IT department?s TIN.

 

Taxpayers need not have to enclose copy of the challans with their returns as the challans would be dematerialised. Instead, they will just have to mention the CIN. Tax authorities will verify claims for credit with the information available from TIN.

 

 

 

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