CBDT enlarges categories of taxpayers for e-payment

Subscribe to Oneindia News

New Delhi, Jul 18 (UNI) The Central Board of Direct Taxes (CBDT) has enlarged the categories of taxpayers who can file their returns through e-payment.

It has issued notifications indicating the categories of taxpayers who are mandatorily required to electronically pay taxes on or after April 1, 2008. A company and such other taxpayers to whom provisions of Section 44AB of the Income-tax Act, 1961 are applicable have been brought within the ambit of the new provision.

With a view to clarifying and facilitating such electronic payment of taxes by different categories of taxpayers, the CBDT has issued circular No 5 of 2008. The Circular clarifies that a taxpayer can make electronic payment of taxes from the account of any other person.

However, the challan for making such payment must clearly indicate the Permanent Account Number (PAN) of the taxpayer on whose behalf the payment is to be made. It will not be necessary for the assessee to make payment of taxes from his own account in an authorised bank.

It has also been clarified that for the purpose of the newly inserted rule 125 of the Income-tax Rules, 1962, the meaning of 'tax' will include payment of Tax Deducted at Source (TDS) or Tax Collected at Source (TCS). Therefore, a company and such other taxpayers (other than a company), to whom provisions of section 44AB of the Income-tax Act, 1961 are applicable, are also required to mandatorily make such payment electronically.

UNI GS SG CS1921

Please Wait while comments are loading...