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E-payment mandatory from 01.04.08

Posted on 19 March 2008,    
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income tax payments are mandatorily to be made only electronically
w.e.f.1.4.2008, for companies and others liable for tax audit under
section 44 AB.
The relevant Notification is given below.

34/2008, Dated: March 13,
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-
(i) internet banking facility of the authority bank; or
(ii) credit or debit cards;
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”.
(Sambit Tripathy)
Under Secy.
Note: The
principal rules were published vide notification number S.O.969(E),
published in the Gazette of India, Extraordinary, Part-II, Section 3,
Sub-section (ii) dated the 26th March, 1962 and last amended by
Income-tax (Third Amendment) Rules, 2008 vide No. S.O. 243(E)
dated 5th February, 2008.



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