Master Circular – Collection of Direct Taxes – OLTAS
The Reserve Bank of India (RBI) has issued a master circular on the collection of direct taxes through the Online Tax Accounting System (OLTAS).
The circular consolidates and updates all existing instructions on the collection of direct taxes, including tax deduction at source (TDS), tax collection at source (TCS), and advance tax.
Key Features:
The OLTAS system is used for the collection of direct taxes, and all challans for TDS, TCS, and advance tax must be deposited through this system.
Banks are authorized to accept challans for direct taxes and are required to verify the correctness of the challans before accepting them.
The RBI has specified the procedure for depositing tax payments, including the use of e-payment modes and the submission of physical challans.
The circular also outlines the roles and responsibilities of banks, tax deductors, and tax collectors in the collection of direct taxes.
Further, it provides guidelines for the correction of errors in challans, the refund of excess taxes paid, and the handling of tax-related queries.
The master circular is applicable to all banks, tax deductors, and tax collectors, and is effective from the date of issue.
Chat with the Master Circular:
Download: Master Circular – Collection of Direct Taxes – OLTAS