Pay-as-you-earn tax Current Affairs, GK & News

E-file returns compulsory if income exceeds Rs 10 Lakhs

People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12 Financial year. The CBDT (Central Board of Direct Taxes) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu undivided family if his or its total income exceeds ..

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OLTAS System

OLTAS refers to On-line Tax Accounting System (OLTAS) for Direct Taxes. Please note that direct taxes include the Income Tax and Corporate Taxes, which are directly levied from the concerned people and organizations. Background OLTAS was introduced in April, 2004 for collection, accounting and reporting of the receipts and payments of Direct Taxes on-line through ..

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