e-payment of direct taxes mandatory for corporates

e-payment of direct taxes mandatory for corporates

By SiliconIndia   |   Thursday, 20 March 2008, 13:34 Hrs
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New Delhi: The Finance Ministry has issued the relevant executive order to make e-payment of direct taxes mandatory for corporates and tax audit assessees with effect from April 1. As of today, 22 banks are authorized to offer e-payment facility through Internet banking accounts, reported Business Line.

Official sources said that this category of taxpayers can make electronic payment through the Internet banking facility offered by any of the authorized banks. They also have the option of using credit or debit cards for making the e-payment.

Electronic payment is seen as a cleaner way to make payment as one could avoid paper works. Currently, electronic payment is optional for income tax payers. This optional scheme was introduced in 2004.

Assessees with Internet banking accounts have already been making their tax payments through the e-payment route. In fiscal 2006-07, the Government collected less than one percent of its total direct tax collections of about Rs 2,29,272 crore through the e-payment mode. For fiscal 2007-08, the Centre has pegged the revised estimate for direct taxes at about Rs 3,04,000 crore.

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