Income-tax (Fourth Amendment) Rules, 2008 - Electronic-payment of tax. - 034./2008 - Income Tax

Income-tax (Fourth Amendment) Rules, 2008 - Electronic-payment of tax. NOTIFICATION NO. 34/2008 DATED 13-3-2008 In 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; (b) 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". [F.No. 134/37/2007-TPL]