Andhra Pradesh - Vijayawada   

Tax accounting system to go online from today

By Our Staff Reporter

VIJAYAWADA, MAY 31. Three new "single page challan cum acknowledgement form'' known as the "online tax accounting system'' (OLTAS), replacing the existing seven different challan systems, would come into force from June 1.

Under the new system, one copy of the challan is meant for remitting Income Tax, Corporate Tax and Wealth Tax; the second copy for TDS deposits and the third for depositing Gift Tax, Estate Duty and Expenditure Tax.

In a statement, the Commissioner of Income Tax, Vijayawada, A.K Behera, said the new challan forms are available from local Income Tax offices and also available on the Web site www.incometaxap.gov.in

Mr. Behera said the Vijayawada unit of the department has collected Corporate Tax and Income Tax amounting to Rs. 262 crores during the financial year 2003-2004 in comparison to the Rs. 126 crores during the financial year 2002-2003.

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