BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On-line Transaction Accounting System
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On-line Tax Amounting System
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On-line Tax Accounting Service
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On-line Tax Accounting System
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Detailed explanation-1: -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-2: -The taxpayer has to log in to TIN-NSDL (https://www.tin-nsdl.com/) and enter the CIN he has received from the bank in order to check his tax details. After the introduction of OLTAS, taxpayers do not have to send in copies of the challan or the acknowledgement along with their tax returns.
Detailed explanation-3: -This is a facility provided to the taxpayers to make income tax payments through internet, using Net-banking/Debit card of the selected Bank.
Detailed explanation-4: -280, 282 and 283 the Permanent Account Number (PAN) needs to be entered. In case of challan no. 281 Tax Deduction/Collection Account Number (TAN) needs to be entered. Please ensure that you enter PAN/TAN correctly, as this is extremely important for further processing.