Collection of Direct Taxes – OLTAS
The Reserve Bank of India (RBI) has issued a Master Circular on the collection of direct taxes, outlining the revised procedure for the ‘Accounting System for Direct Taxes’.
The circular covers various aspects, including:
Major Heads of Account: The circular provides guidelines on the major heads of account for direct taxes.
Revised Procedure: The revised procedure includes the issue of tokens, receipted challans, double date stamp on receipted challans, acceptance of clearing cheques, and do’s and don’ts.
Online Tax Accounting System (OLTAS): The circular introduces the Online Tax Accounting System (OLTAS), which aims to facilitate the online collection of direct taxes.
Transmission of Data to NSDL: The circular outlines the validation checks for transmitting data to the National Securities Depository Limited (NSDL).
Sending Daily Scrolls by Email: The circular instructs banks to send daily scrolls by email to the Zonal Accounting Offices (ZAOs).
The circular is effective from the dates mentioned in the respective circulars and is applicable to all banks.
Chat with the Master Circular:
Download: Master Circular – Collection of Direct Taxes – OLTAS