Master Circular on Collection of Direct Taxes
The Reserve Bank of India (RBI) has issued a master circular on the collection of direct taxes, outlining the procedures and guidelines for banks to follow.
The circular revises the accounting system for direct taxes, introducing a new procedure for the issue of tokens, receipted challans, and double date stamps on receipted challans.
It also outlines the do’s and don’ts for banks, including the acceptance of clearing cheques and the transmission of data to the National Securities Depository Limited (NSDL).
The circular introduces the Online Tax Accounting System (OLTAS), which aims to facilitate the online payment of taxes and provides guidelines for its implementation.
The OLTAS system includes features such as online challan generation, payment confirmation, and data validation checks.
The circular also outlines the validation checks to be performed by banks before transmitting data to NSDL.
The master circular consolidates and updates the guidelines issued by the RBI on the collection of direct taxes, providing a comprehensive framework for banks to follow.
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Download: Master Circular – Collection of Direct Taxes- OLTAS