24 September 2010
A partnershipship firm under tax audit deosited the due tax by cheque and not made e payment through net banking, if any consequense/penalty is there?
The following persons shall pay tax electronicallyon 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.
The FAQs issued by income tax departments do not tell the consequences of not making the payment of tax through the mandatory e-payment mode. So even if you have paid taxes by cheque no penalty will be levied and you will also get proper credit of Taxes paid.
CAclubindia
