RBI Master Circular on Collection of Direct Tax – OLTAS
Please refer to our Circular DGBA.GAD.No.458/42.01.034/2016-17 dated August 25, 2016 and DGBA.GAD.No.910/42.01.034/2016-17 dated October 14, 2016, on Collection of Direct Taxes, wherein it was clarified that only the Master Circular on OLTAS which consolidates instructions on the subject issued by Reserve Bank of India stands withdrawn and the position regarding the 35 circulars listed therein will be advised in due course in consultation with the government departments concerned. Accordingly, these circulars were continuing to be in force until now.
2. It is now advised that we have reviewed all the 35 circulars appearing in Master Circular on OLTAS, in consultation with the Office of Principal Chief Controller of Accounts, Central Board of Direct Taxes, based on its relevance in the present scenario, issuing authority etc. It has been decided to withdraw with immediate effect thirty-one circulars issued under the signature of RBI, as given at Annex – I.
3. It may please be noted that though the circulars issued under the signature of RBI stand withdrawn, the instructions issued by the office of Principal Chief Controller of Accounts, Central Board of Direct Taxes remain in force wherever applicable. Further, four circulars which will continue to remain operational under the signature of RBI are given in Annex –II.
(Partha Choudhuri) General Manager
Encls: As above
List of 31 circulars of Master Circular on OLTAS – withdrawn with immediate effect
Main content of the circular
DGBA.GAD.No.H- 684/42.01.001/ 2003-04
Amendments to Pink Book 'Accounting System for Direct Taxes'
To authorise one branch each of State Bank of India in the four Metros viz. Chennai, Delhi, Kolkata and Mumbai for direct tax refund work, in addition to the Reserve Bank of India.
Procedure for Collection of Taxes at Bank Branches - Customer Service
Agency banks were advised to advise their authorised branches to follow the instructions contained in our various Memoranda / Circulars issued from time to time and ensure that tax payers are not inconvenienced in the payment of taxes.
On-line Tax Accounting System (OLTAS) - Participation of Branches
Agency banks were requested to direct all Controlling Offices of their bank to do close monitoring of authorised branches as well as nodal branches under their jurisdiction and ensure that each and every challan record is transmitted to TIN by every branch where tax collection has been made.
Critical Issues regarding data capture of OLTAS data by banks
Agency banks were advised to do regular monitoring and inspection of the nodal branches as well as dealing branches so that data capture and data transmission is done without error.
Recovery of Interest from Public Sector Banks on delayed remittances of Government Receipts into Government Account
A period of T+12 working days (excluding put through date, where T is the day when money is available to the branch), is allowed with effect from 01.01.2010 to Public Sector Banks for manual remittance of Government receipts to CAS, RBI, Nagpur in respect of branches located in Jammu & Kashmir, Leh, Uttarakhand, Himachal Pradesh, Sikkim, North Eastern Region (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura), Jharkhand and Chhattisgarh.
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