16 May 2008
E-payment has been made mandatory since 1st April 2008 onwards in case of comapnies and others required to be audited u/s 44AB of the Income Tax Act 1961. But banks are accepting the TDS deposited manually through Challans. Will this be accepted as proper deposit of TDS under the Income TAx Act 1961. Is there any circular which says whether or not the same will be allowed and said to be TDS deposited properly.
16 May 2008
There is nothing in the law to treat the payment of the taxes vide phisycal challans as a non complaince of the provision. The provision for e-payment of taxes has been made mandatory only to pressure the assessee to adopt to the new system very quickly. There are no penalties for non compalaince.
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