The
Chairman and Managing Director/Managing Director,
State Bank of India &
its Associates,
All Nationalised Banks
HDFC Bank Limited/ICICI Bank Limited/IDBI
Bank Limited/UTI Bank Limited
(as per list enclosed)
Dear
Sir,
Accounting Procedure Relating
to On-Line Tax Accounting System (OLTAS) - Clarifications
Please
refer to our circular RBI/145/2004 (DGBA.GAD.No.H-1068/42.01.034/2003-04) dated
April 16, 2004 forwarding therewith a copy of Accounting Procedure Relating to
On-line Tax Accounting System (OLTAS).
2. It has become
expedient to clarify certain procedure for smooth launch of OLTAS with effect
from June 1, 2004.
a) Challan Identification Number (CIN)
A
reference may please be made to paragraph 1.3.3 regarding numbering of challans.
We clarify that running serial number will have to be given for all the challans
tendered with cash, transfer cheque as well as clearing cheques
on a particular day across all types of direct taxes. While the tear-off portion
of the challan tendered with cash and transfer cheques (i.e. the cheque drawn
on the collecting branch) needs to be returned to the tenderer with the prescribed
rubber stamp indicating the date of tender, BSR code and CIN etc., the challans
tendered with clearing cheques (i.e. drawn on other branches/banks)
will have to be returned only on realisation of the instruments. The authorized
official of the receiving bank branch is also required to sign the tear-off portion
of the challan as well as original challan.
b) PAN/TAN
Numbers
It has been clarified to us by the Income
Tax Department that the banks are required to ensure invariably that in the absence
of PAN/TAN numbers the name and address of the payee on the challan is required
to be entered. The collecting branches, therefore, need not insist for the PAN/TAN
Application number to be entered. (Please refer to para 1.2 (C) of the Accounting
Procedure).
3. Banks are requested
to visit Income Tax website (www.incometaxindia.gov.in) for Frequently Asked Questions
(FAQs) on OLTAS.
4. Our interactions
with certain banks indicate that the bank branches are not branding challans with
rubber stamp containing CIN, BSR and Date of Tender etc. with effect from April
1, 2004 as advised. Please ensure that the stamp is branded invariably with immediate
effect.
5. We also advise that
State Bank of India as also NSDL established help-desks. The branches may directly
mail to esetgad@mtnl.net.in and tininfo@nsdl.co.in (9892788899 / 9869275997 (SBI)
and 022-24994650 (NSDL).
Please arrange
accordingly.
Yours faithfully,
sd/-
(Prabal Sen)
Chief General
Manager