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TMI BlogE-Payment of TaxesX X X X Extracts X X X X X X X X Extracts X X X X ..... E-Payment of Taxes - News and Press Release Dated:- 18-7-2008 - News - The Central Board of Direct Taxes (CBDT) have vide notification S.O.No.493(E) dated 13.3.2008 notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. A company and such other taxpayers (other than a company), to whom provisions of section 44AB of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Act, 1961 are applicable have been brought within the ambit of the new provision. With a view to clarifying and facilitating such electronic payment of taxes by different categories of taxpayers, the CBDT has issued Circular No. 5 of 2008. The Circular clarifies that a taxpayer can make electronic payment of taxes from the account of any other person. However, the challan for makin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g such payment must clearly indicate the Permanent Account Number (PAN) of the taxpayer on whose behalf the payment is to be made. It will not be necessary for the assessee to make payment of taxes from his own account in an authorized bank. Further, it has also been clarified that for the purpose of the newly inserted rule 125 of the Income-tax Rules, 1962, the meaning of 'tax' will include pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of tax deducted at source (TDS) or tax collected at source (TCS). Therefore, a company and such other taxpayers (other than a company), to whom provisions of section 44AB of the Income-tax Act, 1961 are applicable, are also required to mandatorily make such payment electronically. BSC/GN-184/08 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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