Online Tax Accounting System or OLTAS is used to collect direct taxes from individuals, organizations and companies.Accounting,Collection,Reporting receipts and payments of direct taxes online. The main strategy of the Income Tax Department to get information by uploading the challan details on the website and able to keep a record of all the taxes that have been paid through banks. With the following objectives and OLTAS was launched in April 2014.
OLTAS was introduced by 4 bodies they are
The Central board of direct taxes,
The controller of accounts,
Indian banks Association and
Reserve Bank of India.
The taxpayer, as per OLTAS, has to use a single and common challan for the following:
Challan 280 for regular income tax and corporate taxes
Challan 281 for the deposit of TCS and TDS
Challan 282 for the payment of direct taxes like wealth tax, gift tax, estate duty, hotel receipts tax, securities transactions tax and expenditure tax.
Challan 283 for any taxes which relate to cash transactions in the bank or fringe benefits
Advantages of OLTAS
1. You can pay taxes from any location at any time through your net-banking account.
2. Instant transfer of funds from your account.
3. What you write on the e-challan will be directly sent to Income Tax Department. Banks will not do any data entry.
4. You can save/print the challan copy and the receipt copy.
5. As soon as your Bank authorizes payment of the amount, you will receive a clear, legible receipt/counterfoil from your Bank.
6. Transaction id of the e-payment transaction will be available to you in your bank statement.
7. You can check online if your money has actually reached the I-T Department.
With the help of TIN, a taxpayer can check the status of OLTAS challan online and enquiry.
Information needed for it is
Name of taxpayer
Payment of the OLTAS Challan
For a taxpayer who wants to make online tax payment, it is prerequisite that he/she has a bank account with one of the banks who use the OLTAS system. With e-payment of taxes, the banks can easily take payments and consolidate reports and of course, it is simple for the taxpayer as well. The banks that offer the OLTAS system are:
Bank of Baroda
Bank of Maharashtra
Bank of India
Central Bank of India
Indian Overseas Bank
Jammu and Kashmir Bank
Punjab National Bank
Oriental Bank of Commerce
State Bank of Hyderabad
State Bank of Bikaner and Jaipur
State Bank of India
State Bank of Patiala
State Bank of Mysore
State Bank of Indore
State Bank of Travancore
United Bank of India
Union Bank of India
OLTAS has made the tax payment and collection very easy and convenient for everyone involved. This helps to keep tracking on all transactions and the chances of anyone defaulting is also less.
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