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What is OLTAS and how to enquire for OLTAS TDS Challan?

November 16, 2023

In today's world, where the fruits of digital revolution have set up new horizons for the furtherance of developmental agenda, the commercial activities have also been totally integrated into the ambit of this technology. One of the core activities of commercial nature is taxation and in any country of the world, taxation forms an important and basic mode o economic development. Earlier, the system of taxation in India was largely manual and required an elaborate and intricate mechanism for implementation. Manual action meant that the system was complex, prone to errors, tedious and took long periods of time. This not only put a burden on the concerned administrative system but also limited the scope of customer service for the taxpayers. With a view of enabling the total integration and assimilation of responsible taxation and to ensure a higher level of public outreach, the Reserve Bank of India, the Indian Bank Association, Account-Controller and most importantly, the governing body for direct taxes in India- CBDT (Central Board of Direct Taxes) jointly set up the system of OLTAS (Online Tax Accounting System) in 2004.

OLTAS is the electronic mode of direct tax accounting, payments, and receipts and is a streamlined mechanism that allows the transfer of statistics related to direct tax-paying individuals from the respective banks to the NSDL (National Securities Depository Limited). This provides for an efficient administration of the Tax Information Network and fulfills the goals of online collection, accounting, receipt and tracking of direct taxes in India. Under OLTAS, specified banks have been integrated and these banks serve as collection and receipt points for the direct taxes paid by the taxpayers. Ever since the entire system was mandated to be made online in 2005, the mechanism of collection direct taxes has become much more smooth and simple than before.

OLTAS has come as a relief for the taxpayers as now they can pay their direct taxes from anywhere in India by visiting the respective bank or simply log on to the official web portal for paying the taxes. Upon payment, the respective bank generates a challan on which the CIN (Challan Identification Number) is mentioned. Earlier, the taxpayer had to attach the copies of a separate receipt challan while filing the income tax returns. However, this system has been replaced and now, the taxpayer simply has to mention the CIN on the challan as the CIN serves as a tracking number for the tax payment done by the person.

The procedure for accounting the income tax and the TCS (Tax Collected at Source) or TDS (Tax Deducted at Source) is similar for the taxpayers and the banks. You simply have to log on to the official portal of OLTAS and click on the tab listed for taxpayers. Once you do that, then click on CIN based view and mention the CIN (you can alternately click on TAN based view and mention the TAN. It must be noted that tracking on OLTAS can be done 7 days after submitting the payment challan at the respective bank.

HDFC Life presents Save Tax Calculator an online tool which allows you to calculate the amount of tax payable by you and hence helps you avoid getting over- taxed. For details, click on the mentioned link: https://www.hdfclife.com/financial-tools-calculators/tax-saving-calculator.

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Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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