An online tax accounting system has been officially launched by the Indian Finance Ministry which enables taxes to be paid directly to the government through the 32 banks taking part in the new scheme.
The new system, known as OLTAS (Online Tax Accounting System), underwent a trial period in select cities last year and is designed to substantially reduce the time and effort involved in filing and paying taxes.
All collecting branches of various banks have been networked with the 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 system will also mean that data is transmitted from banks to the tax department in just two days, contrasting with the fifteen days needed using the previous method.
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