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E-tax payment may become compulsory
By siliconindia
|
Saturday, 05 January 2008, 17:41 IST
New Delhi: Taxpayers who pay 
50, 000 and more as tax in a single payment may have to make the payment electronically, reported the Business Standard. According to the sources the Central Board of Direct Taxes (CBDT) is expected to make a formal announcement shortly, finance ministry sources confirmed.
The government plans to implement the scheme from April 1. Currently this facility is optional, though e-filing for companies and certain categories of taxpayers is mandatory.
According to some sources the move is being made at the order of Finance Minister P Chidambaram, However, filing electronic returns is likely to continue to be optional for individual taxpayers.
Mandatory e-filing of returns was first introduced in 2006-07 for corporations and then extended to cover partnership firms, businesses and professionals whose accounts are statutorily audited in 2007-08.
Tax assessees can pay taxes online through their internet banking accounts at 17 designated banks including the State Bank of India and Punjab National Bank. Seven more public and private sector banks have expressed their willingness to join the e-payment system.
Significantly, e-filing returns by individual taxpayers, for whom it is optional, shot up sharply in 2007-08. The number could go up significantly if they are allowed to do so through credit or debit cards, said a tax expert.
50, 000 and more as tax in a single payment may have to make the payment electronically, reported the Business Standard. According to the sources the Central Board of Direct Taxes (CBDT) is expected to make a formal announcement shortly, finance ministry sources confirmed.
The government plans to implement the scheme from April 1. Currently this facility is optional, though e-filing for companies and certain categories of taxpayers is mandatory.
According to some sources the move is being made at the order of Finance Minister P Chidambaram, However, filing electronic returns is likely to continue to be optional for individual taxpayers.
Mandatory e-filing of returns was first introduced in 2006-07 for corporations and then extended to cover partnership firms, businesses and professionals whose accounts are statutorily audited in 2007-08.
Tax assessees can pay taxes online through their internet banking accounts at 17 designated banks including the State Bank of India and Punjab National Bank. Seven more public and private sector banks have expressed their willingness to join the e-payment system.
Significantly, e-filing returns by individual taxpayers, for whom it is optional, shot up sharply in 2007-08. The number could go up significantly if they are allowed to do so through credit or debit cards, said a tax expert.
