India’s Income Tax Department is to introduce a new electronic tax payment system known as the Online Tax Accounting System (OLTAS) from June 1 2004 following last year’s pilot programme in a selection of major cities.
"This system will not only simplify the procedure for payment at the collecting branches of designated banks, it will be a breakthrough in accounting of direct tax payments," the department explained in a statement to herald the June launch.
All collecting branches of various banks have been networked and integrated with Tax Information Network (TIN) and Income Tax Department, and the number of returns required for depositing various types of tax payment into the government account will be reduced from the current seven to three.
The collecting bank will capture the entire data of the return and transmit it electronically to the Income Tax Department. The bank will send the paper copy of the return along with printed scrolls to the Zonal Accounts Officers. The information received from banks will be used by the Department to give credit for the tax paid based on CIN.
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