RBI/2005- 158 DGBA.GAD.No. H- 852 /42.01.034/2005-06 September 06, 2005 To all Agency Banks Dear Sir, Master Circular – Collection of Direct Taxes- OLTAS The Online Tax Accounting System (OLTAS) for collection, accounting and reporting of direct taxes was introduced with effect from June 01, 2004 at all designated branches of Agency Banks. Funds settlement based on online data was also introduced with effect from April 01, 2005. With a view to facilitate quick referen

RBI/2005-06/105 DGBA.GAD. (MC) No.564/31.12.010/2005-06 August 10, 2005 All Agency Banks Dear Sir, Master Circular on Conduct of Government Business by Agency Banks- Payment of Agency Commission Reserve Bank of India has been issuing various instructions on Agency Commission from time to time. In order to enable Agency banks to have the current operative instructions on the subject at one place, a Master Circular prepared by us is enclosed. You may also access the cir

RBI/2005-06/97 Ref. DGBA.GAD. No.H. 488 /42.01.034 /2005-06 August 6, 2005The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, Tax Counterfoil for Cash Payments/ Debit to A/c. with the designated branch As you are aware, under Online Tax Accounting System (OLTAS), banks are required to deliver taxpayers’ counterfoil across the counter in case of cash payments or where amount is collected by transfer entry in the

RBI/2005-06/98 DGBA. GAD. No. H- 492 /42.01.034/ 2005-06 August 6, 2005 The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, OLTAS- Software Validations at Banks As you are aware, validation of software of banks is essential for ensuring quality of data transmitted by banks to TIN and CAS, RBI, Nagpur under OLTAS. One of the reasons for errors in the data reported has been attributed to non-validation of the soft

RBI /2005-06/85 DGBA. GAD. No. H- 414 /42.01.001/ 2005-06 July 30, 2005 The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, Obligation of Schedule Banks to furnish information on Banking Cash Transaction Tax (BCTT)- We forward herewith a copy of letter F. No. Addl. DIT (inv.) (HQ) /BCTT/2005-06 dated July 27, 2005 received from the Directorate General of Income Tax (investigation), Delhi on the captioned subject

RBI/2005-06/86 DGBA. GAD. No. H-412 /42.01.034/ 2005-06 July 30, 2005 The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, Data Entry Errors – OLTAS It has been reported by Directorate of Income Tax (systems) that there are still a large number of data entry errors in respect of the following two fields, while reporting data under On Line Tax Accounting System (OLTAS): i. Assessment year ii. Minor Head 2. In this

RBI/2005/81 DGBA.GAD.No.382/42.01.034 /2005-2006 July 26, 2005 The Chairman & Managing Director / Managing Director All Agency Banks Dear Sir, OLTAS- File Segregation Utility developed by Tax Information Network (TIN) Requests have been received from some banks that Tax Information Network (TIN) should not reject the entire file of OLTAS data received from a bank's Link Cell because of a few erroneous records. The banks have desired that TIN should accept the reco

RBI/2005-06/77 DGBA.GAD.No. 379 /31.12.010(C)/2005-06 July 25, 2005 The Chairman and Managing Director / Managing Director State Bank of India and its Associates/ All Nationalised Banks / HDFC Bank Ltd. / ICICI Bank Ltd./ UTI Bank Ltd./ IDBI Ltd./ Jammu & Kashmir Bank Ltd. Dear Sir, Conduct of Government Business – Agency Commission – Revision of Rates As you are aware, the agency banks are at present being paid a commission of 11.80 paise per Rs.100/- of Governme

RBI/2005/67 DGBA.GAD.No.H-288 /42.01.034/ 2005-06 July 18, 2005 The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, Non-acceptance of Fringe Benefit Tax by bank branches- corrigendum Please refer to our circular RBI/2005 /62 (DGBA.GAD.No.H-230/42.01.034 /2005-06) dated July 14, 2005 on the above subject. 2. The circular No. quoted in the first line of the above circular as RBI/2005/42, DGBA.GAD. No. H-76/42.01.0

RBI/2005-06/62 DGBA.GAD.No.H-230 /42.01.034/ 2005-06 July 14, 2005 The Chairman/Chairman and Managing Director All Agency Banks including Jammu and Kashmir Bank Ltd. Dear Sir, Non-acceptance of Fringe Benefit Tax by bank branches Please refer to paragraph two of our circular RBI/ 2005/ 42, DGBA. GAD. No. H-76/ 42.01.001/2005-06 dated July 4, 2005 regarding Finance Act 2005- Changes in Major Head and Challans-OLTAS. 2. It has been brought to our notice by CBDT authorit