{"id":18089,"date":"2019-03-06T11:18:21","date_gmt":"2019-03-06T11:18:21","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=18089"},"modified":"2019-03-06T11:25:02","modified_gmt":"2019-03-06T11:25:02","slug":"oltas","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/oltas\/","title":{"rendered":"OLTAS: Online Tax Accounting System in India"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/oltas\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/oltas\/#What_is_OLTAS\" title=\"What is OLTAS?\">What is OLTAS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/oltas\/#The_basic_feature_of_OLTAS\" title=\"The basic feature of OLTAS\">The basic feature of OLTAS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/oltas\/#Benefits_of_OLTAS\" title=\"Benefits of OLTAS\">Benefits of OLTAS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/oltas\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><em><strong>Introduction<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In India, the\u00a0Central Board of Direct Taxes (CBDT) is basically responsible for administering various direct taxes through the commissioners of Income Tax located in different parts of the country.\u00a0The Income Tax Commissioners are entrusted with the task of the collection as well as a refund of all kinds of direct taxes such as Income Tax, Corporation Tax, tax deducted at source etc. under the Income-tax provisions. The apex\u00a0authority of the accounting organization of the CBDT is the Principal Chief Controller of Accounts (Pr.CCA). This article focuses on the background of OLTAS.<\/p>\n<p>According to the departmentalized set up,\u00a0the Pr.CCA, CBDT has been assigned the functions relating to accounting of all receipts and refunds pertaining to the Direct Taxes. Before that, all the direct taxes were collected manually by RBI or branches of SBI. Moreover, many any other branches of public sector banks were also involved with an intention to enhance the number of points for collection of taxes. In addition, to provide better service to taxpayers\u00a0specific attention was given to the accounting system of direct taxes. Although, the process of manual collection and accounting of taxes had many flaws and errors which used to be very difficult to maintain.<\/p>\n<p>Therefore, this online Tax Accounting system (OLTAS) has been introduced in June 2004 in\u00a0order to address issues associated with the manual process of collection and accounting of direct taxes. It has also considered the technological revolution which replaced electronic means over the manual process.<\/p>\n<p>Following are the bodies that have worked together in order to make an efficient implementation of OLTAS:<\/p>\n<ul>\n<li>The CBDT<\/li>\n<li>The controller of accounts<\/li>\n<li>The Indian Bank Association<\/li>\n<li>The Reserve Bank of India<\/li>\n<\/ul>\n<h2 id=\"understanding\"><span class=\"ez-toc-section\" id=\"What_is_OLTAS\"><\/span><em><strong>What is OLTAS?<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>OLTAS is basically a system for accounting, collection, and reporting of the receipts &amp; payments of direct taxes from all kinds of taxpayers, online through a network of bank branches. The data of the taxpayers flows from banks directly to Tax\u00a0Information Network (TIN). It is a setup and maintained by the National Securities Depository Ltd. with a motive to manage all the data and information about challans between the tax department and the banks.<\/p>\n<p><strong>Read more<\/strong>: <a href=\"https:\/\/www.legalraasta.com\/itr\/income-tax-heads\/\" target=\"_blank\" rel=\"noopener\">5 Heads of Income Tax<\/a><\/p>\n<p><strong>The objectives of OLTAS are as follows:<\/strong><\/p>\n<ul>\n<li>Accounting of direct taxes online<\/li>\n<li>Collection of direct taxes online<\/li>\n<li>Reporting receipts and payments of direct taxes online<\/li>\n<\/ul>\n<p>It has been implemented in 3 phases and presently 32 public and private sector banks are authorized under OLTAS. At the initial stages, the task was confined to data which was related to tax information. But now, the banks were also required to reconcile daily tax collection with the information and data received by TIN from the banks.<\/p>\n<h2 id=\"features\"><span class=\"ez-toc-section\" id=\"The_basic_feature_of_OLTAS\"><\/span><em><strong>The basic feature of OLTAS<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The basic features of OLTAS are as follows:<\/p>\n<p><strong>\u2666 Introduce a single copy of challan with tear-off taxpayer&#8217;s counterfoil<\/strong><\/p>\n<p>As per OLTAS, the taxpayer has to use a single and common challan for the following:<\/p>\n<ol>\n<li>Challan No. ITNS 280\u2014 for corporate taxes and regular income tax.<\/li>\n<li>Challan No. ITNS 281\u2014for the deposit of <a href=\"https:\/\/www.legalraasta.com\/tds\/tax-collection-sources-applicable-rate-tcs\/\" target=\"_blank\" rel=\"noopener\">TCS<\/a> and <a href=\"https:\/\/www.legalraasta.com\/tds\/tds-different-types-tds-returns\/\" target=\"_blank\" rel=\"noopener\">TDS<\/a>.<\/li>\n<li>Challan No. ITNS 282\u2014for the payment of direct taxes like gift tax, wealth tax, estate duty, securities transactions tax, hotel receipts tax, and expenditure tax.<\/li>\n<li>Challan No. ITNS 283\u2014 for payment of Fringe Benefits Tax and\u00a0Banking Cash Transaction Tax.<\/li>\n<li>Challan No. ITNS 285\u2014 for payment of equalization levy.<\/li>\n<li>Challan No. ITNS 286\u2014for payment under <a href=\"https:\/\/www.taxraahi.com\/learn\/income-declaration-scheme-2016\/\" target=\"_blank\" rel=\"noopener\">Income Declaration Scheme<\/a>, 2016.<\/li>\n<li>Challan No. ITNS 287\u2014for payment according to the Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY).<\/li>\n<\/ol>\n<p><strong>\u00a0\u2666 Pay taxes either by visiting any bank branches authorized under OLTAS or online through net banking or by using a debit card.<\/strong><\/p>\n<p><strong>\u00a0\u2666 Acknowledgment and the unique serial number is known as Challan Identification Number (CIN).<\/strong><\/p>\n<p>Generally, a tear-off portion from the challan is given to the\u00a0taxpayer after the collecting bank puts a rubber stamp on the challan and its counterfoil with a unique Challan Identification Number (CIN). Following are the information that a CIN contains:<\/p>\n<ul>\n<li>It has a 7 digits BSR Code allotted by RBI to the bank branch where tax is deposited<\/li>\n<li>It contains the date of presentation of the challan (DD\/MM\/YY)<\/li>\n<li>It has a 5 digits serial number of Challan in that bank branch on that day<\/li>\n<\/ul>\n<p>A Tear-off portion of counterfoil is given to the taxpayer immediately in case of cash payment and after the realization of demand draft or cheque in case of payments by DD\/cheque. Moreover, in case of online payment, a challan is generated immediately after payment processing.<\/p>\n<p>The bank who is collecting will capture the entire data of the challan and transmit it electronically to the Income-tax Department. Afterward, the bank will send the paper copy of the challan along with the printed scrolls to the Zonal Accounts Officers. The received information will be used by the Department to give credit for the tax paid based on CIN.<\/p>\n<p><strong>Point to know<\/strong><\/p>\n<p>The Challan Identification Number (CIN) is basically proof that the tax has been paid and has to be quoted in the <a href=\"https:\/\/www.legalraasta.com\/itr\/income-tax-return-itr\/\" target=\"_blank\" rel=\"noopener\">Income Tax Return<\/a>\/ in further inquiry from the income tax department. You can find the Challans online at income tax website\u00a0\u00a0<a href=\"http:\/\/www.incometaxindia.gov.in\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.incometaxindia.gov.in<\/a>\u00a0or local Income Tax Offices.<\/p>\n<p><b>\u2666 Online details are available to the taxpayer about the tax paid\u00a0<\/b><\/p>\n<p>You can go to the website:\u00a0<a href=\"http:\/\/tin-nsdl.com\" target=\"_blank\" rel=\"noopener\">http:\/\/tin-nsdl.com<\/a> to view the tax paid by the taxpayer.<\/p>\n<h2 id=\"advantages\"><span class=\"ez-toc-section\" id=\"Benefits_of_OLTAS\"><\/span><em>Benefits of OLTAS<\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Following are the benefits of Online Liquid tax-accounting system:<\/p>\n<ul>\n<li>Through OLTAS, a single copy simplified challan is replaced by earlier quadruplicate challan.<\/li>\n<li>You can pay your taxes online from any location\u00a0and any time.<\/li>\n<li>It has now become easy for taxpayers to obtain an acknowledgment for taxes paid and its available as soon as bank authorizes payment.<\/li>\n<li>In addition, the acknowledgment counterfoil with the rubber stamp containing the Challan Identification Number (CIN) assures that the payment is properly accounted for.<\/li>\n<li>The information and further details about the tax payments are available online and can be checked easily.<\/li>\n<li>Now, the taxpayer is no longer required to attach copies\/acknowledgment of challan with the Return since the only counterfoil is available with the taxpayer. You can mention your CIN details in the Income-tax Returns which acts as a proof of payment of taxes.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><em><strong>Conclusion<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The OLTAS has made the entire process of tax payment, collection as well as accounting system very easy and convenient for all stakeholders. It has reduced the chances of default and ensures better tracking.<\/p>\n<p>We, here at <a href=\"https:\/\/www.legalraasta.com\/\" target=\"_blank\" rel=\"noopener\">LegalRaasta<\/a> excel in providing the <a href=\"https:\/\/www.legalraasta.com\/accounting-bookkeeping\/\" target=\"_blank\" rel=\"noopener\">Accounting and bookkeeping services<\/a>. Further, we also provide <a href=\"https:\/\/www.legalraasta.com\/accounting-billing-software\/\" target=\"_blank\" rel=\"noopener\">Accounting software<\/a> for GST billing. Our experts will guide you with the best <a href=\"https:\/\/www.legalraasta.com\/blog\/accounting-methods\/\" target=\"_blank\" rel=\"noopener\">accounting methods<\/a> that will be beneficial for you and also provide other Legal Advice regarding business. So, call us at <span style=\"color: #3366ff;\">8750008585<\/span> and send your query on Email: <a href=\"mailto:contact@legalraasta.com\" target=\"_blank\" rel=\"noopener\">contact@legalraasta.com<\/a><\/p>\n<blockquote><p>Related Articles:<\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/changes-in-indian-accounting-standard-for-nbfcs\/\" target=\"_blank\" rel=\"noopener\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Changes in Indian Accounting Standard for NBFCs&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:[null,2,0]},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Changes in Indian Accounting Standard for NBFCs<\/span><\/a><\/p>\n<p class=\"entry-title fusion-post-title\" data-fontsize=\"30\" data-lineheight=\"37\"><a href=\"https:\/\/www.legalraasta.com\/blog\/know-input-tax-credit-itc\/\" target=\"_blank\" rel=\"noopener\">Know all about Input Tax Credit (ITC)<\/a><\/p>\n<p class=\"entry-title fusion-post-title\" data-fontsize=\"30\" data-lineheight=\"37\"><a href=\"https:\/\/www.legalraasta.com\/blog\/professional-tax\/\" target=\"_blank\" rel=\"noopener\">Professional Tax \u2013 Meaning, Rates &amp; Compliances<\/a><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Introduction In India, the\u00a0Central Board of Direct Taxes (CBDT) is basically responsible for administering various direct taxes through the commissioners of Income Tax located in different parts of the country.\u00a0The Income Tax Commissioners are entrusted with the task of the collection as well as a refund of all kinds of direct taxes such as Income Tax, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[1786,1795,1777,1788,1787,1790,1793,1789,1785,1792,1794,1796,1791,1797],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - 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