Filing Income Tax Returns

A simplified system for payment of tax has been introduced by the IT Department, known as Online Tax Accounting System (OLTAS). The features of this system are:

a) Four copies of challans is replaced by only one copy as under

b) Tax Payers Counterfoil:  the challans have a counterfoil at the bottom, which will be duly stamped and returned by the bank.

c) Challan Identification Number (CIN): it is a running serial num¬ber of Challan (5 digit) which is mentioned on the counterfoil along with the name of the bank, the 7 digit BSR Code of the Bank branch, the date of deposit (DD/MM/YY).

d) CIN has to be mentioned by the taxpayers on their income tax returns.