e-Payment

This query is : Resolved

Gauav Aggarwal (Querist)

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)

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)

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...?