Online Tax Accounting System (OLTAS) is a system used to collect direct taxes from relevant individuals and organizations. Through this, the IT department acquires information and also keeps tracks of the tax that is paid via banks through challans online.
OLTAS was launched in 2004 with the following objectives which are carried out by the banks through their network of branches:
To help the procedure, following bodies were asked to work together in order to reach a common logical conclusion:
As per OLTAS, a common single copy challan will be used by the tax payers for following:
After the bank stamps the challan, customers receive the tear off section of the challan containing a unique Challan Identification Number (CIN). The challan also contains the following data:
The taxpayers need to enter the CIN while filing their Income Tax return as this provides an evidence of payment of tax with the authorities. The CIN is also used to be cited in case of future enquiries. The challans can be acquired by taxpayers from the official website of IT department and tax offices in the locality as well.