BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On-line Tax Accounting Service
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On-line Tax Amounting System
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On-line Timing Accounting System
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On-line Tax Accounting System
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Detailed explanation-1: -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-2: -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-3: -You can verify the status of the challan in the “Challan Status Inquiry” at Protean-TIN website after 5 to 7 days of making e-payment. In case of non availability of the challan status kindly contact your bank.
Detailed explanation-4: -But without open challan means you need to manually enter challan details(IT department does not have any info of outstanding challan)