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India introduces online tax accounting system

India's finance ministry has introduced an online system for tax payments that are being collected by the Reserve Bank of India and 31 other banks in the country, an official statement said Monday.

The objective is to simplify procedures and ensure that credits for tax payments are fast and the Income Tax Department is able to monitor collections on a daily basis.

Under the new system, the number of forms has been reduced to three from the present seven, and taxpayers will just have to fill a single copy of each form with the authorities while making payments, instead of four.

Apart from using permanent account number (PAN) and the tax deduction account number, the payments will be identified by a unique code.

The transmission of data from banks to the information network will take just two days, instead of the present 15, making monitoring easier and fast.

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