Launch of Online Tax Accounting System

The income-tax department is planning to launch the Online Tax Accounting System (OLTAS) from June 1. The move is part of the several assessee-friendly measures being planned by the department to get the Tax Information Network going. Under the proposed system, assesses will have to use only three challans instead of seven to pay their taxes.

Other than salary income, taxplayers will have to pay the applicable taxes at designated banks. These include taxes paid by self-employed professionals like doctors, lawyers, and chartered accountants.