Notification 34/2008, Income Tax

[CA. R.K.Aggarwal]

As per recent CBDT notification 34/2008 dt 13-03-2008, tax by all specified persons shall be paid electronically only wef 01-04-08. Whether this notification would applly to deposit of TDS also.

Posts / Replies

[V Ramanujam]

As rightly pointed out by Mr Gupta, the wordings of the present Notification has not covered the payment of amounts deducted as per the Income tax provisions.

[Surender Gupta]

No, TDS shall not be subject to Electronic payment of tax. The meaning of tax u/s 2(43) is as follows: "tax in relation to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year means income-tax chargeable under the provisions of this Act, and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this Act prior to the aforesaid date [and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable under section 115WA"