Collection of Direct Taxes – OLTAS
The Reserve Bank of India has issued a master circular outlining the procedures for the collection of direct taxes through the Online Tax Accounting System (OLTAS).
The circular covers various aspects of the collection process, including:
Major Heads of Account: The circular outlines the major heads of account for direct taxes.
Accounting System for Direct Taxes: The circular revises the procedure for the accounting system, including the issue of tokens, receipted challans, double date stamping, acceptance of clearing cheques, and do’s and don’ts.
Online Tax Accounting System (OLTAS): The circular explains the online tax accounting system, including the transmission of data to NSDL e-Governance Infrastructure Limited and validation checks.
Funds Settlement: The circular clarifies the process of funds settlement, including reporting to RBI, CAS Nagpur, and the requirement for exact matching of financial data files and challan data.
Clarifications on OLTAS: The circular provides clarifications on OLTAS, including the use of Challan Identification Number (CIN) and the acceptance of clearing cheques.
Abolition of Sub-Agency Arrangements: The circular abolishes sub-agency arrangements for the collection of CBDT dues.
Daily Scrolls: The circular requires daily scrolls to be sent by email to ZAOs.
Chat with the Master Circular:
Download: Master Circular – Collection of Direct Taxes- OLTAS