What changed
RBI has directed banks to conduct a fresh exercise to identify and upload any challans from June 1, 2004 to March 31, 2005 that were not uploaded to TIN under OLTAS. The Principal Chief Controller of Accounts, CBDT has instructed Zonal Accounting Offices to provide physical challan copies to banks' nodal branches. NSDL has also enabled a TIN facility to view and upload previous period challan data.
What it means for you
Banks must ensure no tax challan from the specified period remains un-uploaded, as this affects tax credit reporting. Nodal branches need to coordinate with ZAOs and use TIN tools to complete the upload. Double counting must be avoided since fund settlement has already occurred. A compliance certificate is required by May 31, 2005.
What you must do
- Instruct nodal branches to identify all OLTAS challans from June 1, 2004 to March 31, 2005 that are not yet uploaded to TIN.
- Coordinate with Zonal Accounting Offices to obtain physical challan copies if needed.
- Upload all identified challans using the TIN facility, ensuring the Realization Date or Nodal Branch Scroll Date is on or before March 31, 2005.
- Complete the upload exercise by May 28, 2005 and send a compliance certificate to the Director of Income Tax (Systems) by May 31, 2005, with a copy to RBI.
- Take care to avoid double counting since fund settlement for these challans has already happened.
Who it affects
State Bank of India and its Associates, All Public Sector Banks, HDFC Bank Ltd., ICICI Bank Ltd., UTI Bank Ltd., IDBI Ltd., Jammu & Kashmir Bank Ltd., Nodal Officers of banks handling OLTAS
What is the deadline for uploading the pending challans?
The exercise must be completed by May 28, 2005, and the compliance certificate must be sent by May 31, 2005.
How can banks get the physical challan copies?
The Principal Chief Controller of Accounts, CBDT has instructed Zonal Accounting Offices to provide physical challan copies to banks' nodal branches.
What should banks do to avoid double counting?
Since fund settlement for these challans has already taken place, banks must carefully ensure that the same challan is not uploaded again.