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E-Payment of TDS by Banks

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Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2011 Dear Sir,

Please refer Rule 125 of Income tax rules as below :
Back to Income Tax Page

125. Electronic-payment of tax.
(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-
(i) internet banking facility of the authority bank; or
(ii) credit or debit cards;

My question is how should the branch of nationalised Bank who is deducting TDS on interest & Rent make the payment?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

05 June 2011 As we are making payments to the Government's A/c, in the same way nationalised banks are also making payment to Government's A/c through preparing an e- challan and making an e-transfer in favour of GOI-A/c Income Tax.

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