e-Payment

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Gauav Aggarwal (Querist)
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15 July 2010 Whats the fine/penalty for not making the e-Payment of TDS in 281 challan or Tax payment in 280 challan by companies ya covered u/s 44AB...?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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16 July 2010 Please find the below notification regarding E-payment of taxes, there is no where penaly provides regarding non-payment of tax by electronically.

NOTIFICATION NO. 34/2008, DATED 13-3-2008
In exercise of the powers conferred by sub-section (1) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2008.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, after rule 124, the following rule shall be inserted, namely:-

Electronic-payment of tax.

125. (1) The following persons shall pay tax electronically on or after the 1st day of April, 2008:-

(a) a company; and

(b) a person (other than a company), to whom provisions of section 44AB are applicable.

(2) For the purposes of this rule :-

(a) pay tax electronically shall mean, payment of tax by way of-

1.internet banking facility of the authority bank; or
2.credit or debit cards;
(b) the word tax shall have the meaning as assigned to it in clause (43) of section 2 of the Act and shall include interest and penalty.

Gauav Aggarwal

Gauav Aggarwal (Querist)
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16 July 2010 thanks for reply bansal ji but the question still remains that is there any fine/penalty for not making the e-payment and depositing the tax directly in bank by hard copy of challan...?