“What is OLTAS?”, “What is Challan Number?” And Challan Status Enquiry

Introduction

Any type of direct tax, including income tax, corporation tax, Tax Deducted at Source (TDS), and Tax Collected at Source (TCS), can be paid using a single copy challan, which can be paid online or at OLTAS authorized bank branches. Once taxpayers have paid their taxes, the collecting bank will capture all of the information on the challan and send it to the IT (Income Tax) Department electronically. Banks also reconcile daily tax collections with data and information received from the Tax Information Network (TIN). This article focuses on OLTAS challan status, what is challan number, and challan status enquiry.

This allows for easy verification/status checking of all tax payment data and information via the internet. When taxes are paid, a tear-off section of the counterfoil is delivered to taxpayers after rubber-stamping by the collecting bank, and a challan is issued instantly if the payment is made online.

What is OLTAS?

OLTAS (Online Tax Accounting System) is a system for collecting, accounting, and reporting Direct Tax receipts and payments from all types of taxpayers, both online and through a network of bank branches.

What is Challan Number?

Challans are the forms that must be utilised to make tax payments. Depending on the type of tax payment, different challans have been mandated. The Challan Identification Number (CIN) is a unique serial number that contains the following information:

• The RBI assigns a 7-digit BSR Code to the bank branch where tax is lodged.

• On that day, the 5 digits serial number of the Challan in that bank branch.

• Date of Presentation of the Challan in DD/MM/YY Format.

CIN is a taxpayer’s proof of tax payment that must be included in all income tax filings and communications with the IRS. Furthermore, the obligation of submitting a tangible copy of tax paid receipts to an income tax return has been removed by CIN. As a result, the tax paid challan plays a vital function, and it is critical to double-check that all of the information on the challan is valid. A taxpayer can verify the status of his or her tax payments at any moment by going online. While the operation of OLTAS (Online Tax Accounting System) is the same for both income tax paid directly by the taxpayer and TDS paid by the deductor.

OLTAS Challan Status

For the benefit of taxpayers, To keep track of the status of challans that have been deposited at the bank is important, below is the process for Challan Status Inquiry

1. Go to the Income Tax Department and fill out the form. or go to OLTAS Challan Status Inquiry page,

2. Choose between a CIN (Challan Identification Number) or a TAN (Taxpayer Identification Number) based display.

3. To view the Status, fill in the required information.

4. Tax Detectors can also use the TAN-based view to obtain the Challan Details file for a certain period, which can be used to double-check the Challan entries on the e-TDS/TCS Statement.

Taxpayers Challan Status Enquiry

(A) CIN (Challan Identification Number)

The taxpayer can examine the following details after entering the Challan Identification Number (CIN, which includes details such as BSR Code of Collecting Branch, Challan Tender Date, and Challan Serial No.) and amount (optional)

• BSR Code

• Deposited Date

• Serial Number of the Challan

• Description of the Major Head Code

• PAN/TAN

• Taxpayer Name Received via TIN on (i.e. date of receipt by TIN)

• Confirmation that the entered amount is correct (if the amount is entered)

(B) TAN (Tax Deduction Account Number) Based View

The taxpayer can obtain the following details by giving a TAN and a Challan Tender Date range for a specific financial year:

• CIN

• Description of the Major Head Code

• Code for Minor Heads

• Payment Methods

When a taxpayer submits an amount against a CIN, the system checks to see if it matches the amount details submitted by the bank.

Banks Challan Status Enquiry

Tax collecting branches and nodal branches can use this functionality to track the status of their challans deposited in banks online as follows:

(A) Bank Branch for Collecting

The tax collecting branch can obtain the total amount and total number of challans for each major head code by giving the branch scroll date and the major head code – description. The collecting branch can also see the following information:

• Challan Tender Date

• Challan Serial Number

• TAN/PAN

• Amount

• TIN Date of Receipt

• Taxpayer Name

(B) Branch of the Nodal Bank

The nodal branch can examine the following details by giving the nodal scroll date and the major head code description:

• Scroll Number Nodal Branch

• Scroll Date Nodal Branch

• Description of the Major Head Code

• Amount total

• Number of Challans Number of Branches

Additionally, the following information can be accessible for each Nodal Branch Scroll Number:

• BSR Code

• Total Amount

• Number of Challans

• Branch Scroll Number

• Branch Scroll Date

• TIN’s date of receipt

FAQs OLTAS Tax Payment

1. What are the Advantages of OLTAS?

• Taxpayers can now acquire acknowledgements of their tax payments from bank branches more easily and quickly.

• Thanks to CIN, a taxpayer may simply check tax payment and access additional payment details.

• When filing tax returns, taxpayers are not required to send copies of the challan or acknowledgements. The CIN (Challan Identification Number) is enough.

2. What is an OLTAS transaction, and how does it work?

OLTAS (Online Tax Accounting System) is a system that was implemented to collect, account for, and report Direct Tax payments from various taxpayers. Transactions with OLTAS are conducted online through one of the network bank branches.

3. What distinguishes OLTAS from other systems?

OLTAS has a number of key features, including:

• The information about the tax that has been paid is available on the internet.

• There will be a unique serial number as well as an acknowledgement number supplied.

• Taxes can be paid online or at any of the OLTAS-affiliated bank locations.

• A challan with only one copy has been introduced.

4. What is OLTAS Challan Correction, and how does it work?

The OLTAS Correction Challan is a feature given by the TDSCPC (Tax Deducted at Source Centralized Processing Cell) that allows users to make changes to challans.

Conclusion

The Tax Information Network (TIN) supports taxpayers by allowing them to inquire about the status of their challans. The treatment can be conducted in the comfort of your own home. This service ensures that all tax payments are aggregated in the taxpayer’s name, and it can also be used by tax collectors to check on the status of challans they have uploaded.