Mode of tax payments

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2011 I am under Tax Audit and I have deposited Tax through cheque in the Bank and not deposited the same by e-payments.
What are the consequences/penalties etc?

Pragnesh

Pragnesh (Expert)
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28 September 2011 The Central Board of Direct Taxes, vide notification S.O. No. 493(E), dated 13.3.2008 have notified the categories of taxpayers who are mandatorily required to electronically pay taxes on or after the 1st day of April, 2008. The taxpayers who are required to pay taxes by the prescribed mode are - (i) a company; and (ii) a person (other than a company), to whom provisions of section 44AB of the Income-tax Act, 1961 are applicable.

Hence Bank will not accept other than e-payment in above case, further as on date there is such specific provision for the same.