ELECTRONIC PAYMENT OF TAXES
1. An optional scheme of electronic payment of taxes for income tax was introduced in 2004. However with a view to expand the scope of electronic payment of taxes, the scheme of electronic payment of taxes has been made mandatory (vide notification No. 34/2008 dt.13.3.2008 of CBDT) for the following categories of tax-payers (referred in rule 125(1)).
(i) All corporate assesses;
(ii) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act are applicable.
2. The scheme of mandatory electronic payment of taxes for income-tax payers is to be made applicable from 1st April, 2008 and shall also be applicable to payment of taxes to Government account where tax has been deducted at source.
3. The Income-tax (6th Amendment Rules) 2010 (Notification dt.31/5/2010) provides that for category of assesses as mentioned above who are compulsorily to make electronic payment of TDS; such payment is to be remitted into R.B.I., S.B.I. or any authorized bank accompanied by an electronic Income-tax challan. The electronic remittance can be made:
(a) By internet banking facility of RBI, SBI or the authorized Bank.
(b) By Debit Card.
However for payments deducted prior to 1/4/2010 the provisions of rule prior to this amendment will apply
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