Online tax a/c system deferred

The Reserve Bank of India (RBI) has deferred the deadline for the implementation of the online tax accounting system (OLTAS) by a month to May 1.

The central bank met bankers on March 27 and decided to defer the implementation of the system as some public sector banks were yet to connect their branches across the country, said a banker.

The Prime Minister's Office is keeping a close tab on the tax collection process.

The implementation of the online system will enable the Centre to get immediate information on the entire tax collection process. Banks are required to submit data online to the National Securities Depository Ltd, which in turn sends the data to the Central Bureau of Direct Taxes (CBDT).