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14th April 2016, 12:16 PM
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Join Date: May 2012
Re: Circular Of Reserve Bank Of India

Hey buddy the Reserve Bank of India is India's central banking institution, which controls the monetary policy of the Indian rupee.

Master Circular – Collection of Direct Taxes- OLTAS(2015)

Introduction

The Central Board of Direct Taxes (CBDT) is responsible for administering various direct taxes through the Commissioners of Income Tax located in different parts of the country. The Commissioners of Income Tax are entrusted with the task of collection as well as refund of Income Tax and Corporation Tax, etc. under the Income Tax Act, 1961.
2. The Principal Chief Controller of Accounts (Pr.CCA) is the apex authority of the accounting organisation of the Central Board of Direct Taxes. Under the Departmentalised set up, the Pr.CCA, CBDT has been assigned the functions relating to accounting of all receipts and refunds pertaining to the Direct Taxes. The Pr.CCA sits at New Delhi and operates through Zonal Accounts Offices (ZAOs) across the country. Presently there are 52 ZAOs located at various places.
3. Major Heads of Account
The various types of direct taxes collected by the Income Tax Department are classified under the following Major Heads:
i) Corporation Tax (C.T) 0020 Corporation Tax
ii) Income Tax (I.T.) 0021 Taxes on Income other than Corporation Tax
iii) Wealth Tax (W.T.) 0032 Taxes on Wealth
iv) Gift Tax (G.T.) 0033 Gift Tax
4. Prior to 1st April 1976, Income and other Direct taxes were accepted by the Offices of Reserve Bank of India (RBI), the branches of State Bank of India (SBI), its associates conducting government business, treasuries and sub-treasuries. With a view to increasing the number of points at which these taxes could be deposited conveniently by the members of the public, a scheme for collection of income tax and other direct taxes through the branches of public sector banks was introduced with effect from 1st April 1976.
5. 'Accounting System for Direct Taxes' - Revised procedure
After studying the issues relating to Accounting and reporting, delays in remittance and in dispatch of documents etc., the 'Working Group on Government Accounts' suggested the revised procedure which came into effect from 1st October 1988. Reserve Bank has issued comprehensive instructions on acceptance of CBDT dues and its accounting and reporting vide its publication "Accounting System for Direct Taxes" which came to be known as the Pink Booklet.

6. With a view to improving customer service to direct taxpayers, special attention was drawn to the following provisions of 'Accounting System for Direct Taxes':
(i) Issue of Token: While instructions issued by Reserve Bank regarding the issue of paper token as an acknowledgement of payments are very clear, it is observed that a large number of authorised branches do not issue such tokens. In many places, there are informal arrangements wherein the taxpayer is asked to collect the challan after a specific date from the bank branches. In some cases, the receipted challans are not kept securely and are placed in an open box. The customers are allowed to freely pick up their challans without any identification. In the case of challans deposited with cheque or draft, the receipted challans will be issued on realisation of the amount of cheque or draft and hence the paper token should indicate the date on which the receipted copies of the challans would be kept ready so that the assessee makes an arrangement to collect the receipted challan on the date given in the token.
(ii) Receipted Challan: The receipted challan should be made available to the assessee within 4-5 days, based on the local clearing arrangements. The branches should ensure that this stipulated waiting period must not be exceeded and any deviation in this regard will be viewed seriously by Reserve Bank. The receipted challans should be handled with care and in a secured manner till they are handed over to the assessee across the counter on presentation of the relevant paper token. Under no circumstance, the receipted challan should be kept in open box accessible to customers.
(iii) Double Date Stamp on Receipted Challan: It is reiterated that the challan should bear two dates i.e. the 'Date of tender' of challans and instruments and the 'Date of realisation' of proceeds of the instruments as specified in Annexure-V of the Pink Booklet published by the Reserve Bank of India.
(iv) Acceptance of Clearing Cheques: It is observed that some of the banks are reluctant to accept cheques drawn on other banks while receiving taxes resulting in practice of Chartered Accountants/Tax Consultants tendering their own cheques on behalf of their clients. As accepting cheques drawn on other banks will greatly facilitate the customers, banks are advised not to turn back customers who tender challans with cheques drawn on other banks.
(v) Do's and Don'ts: A list of Do's and Don'ts as given in the Annexure-IV of the Pink Booklet were not being supplied to the bank staff dealing with the Direct Tax collection work as required. The same may be issued to the branches
.
Master Circular – Collection of Direct Taxes- OLTAS(2015)



Address:

Reserve Bank of India

Central Office Building, Shahid Bhagat Singh Road, Fort,

Mumbai, Maharashtra 400001

attached a pdf file;


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