BANKING AFFAIRS

Detailed explanation-1: -Hence, in order to address issues associated with manual process of collection and accounting of direct taxes and also considering the technological revolution which replaced electronic means over manual process, Online Tax Accounting System (OLTAS) was introduced in June 2004.

Detailed explanation-2: -Income Tax Department’s initiative to receive information and maintain records of tax paid through banks through online upload of challan details is named as OLTAS (Online Tax Accounting System).

Detailed explanation-3: -The Income-tax Department has introduced with effect from June 1, 2004 a new system relating to payment of taxes, called Online Tax accounting System (OLTAS). The taxpayer friendly features of OLTAS include a single copy challan-cum-acknowledgment form instead of the present four-copy challan.

Detailed explanation-4: -The RBI has followed a July-June financial year since 1940, when it moved away from a January-December financial year. The board of the Reserve Bank of India has recommended a change in the central bank’s accounting year to April-March starting 2020-21. The RBI currently follows a July-June financial year.

Detailed explanation-5: -The Board also discussed the working of the Reserve Bank during the year April 2021 – March 2022 and approved the Annual Report and accounts of the Reserve Bank for the accounting year 2021-22. Last year in May, RBI declared a dividend of Rs 99, 122 crore for the nine-month period (July 2020 to March 2021).