company advance tax

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santan mishra

santan mishra (Querist)
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15 September 2010 is it compulsory to pay corporate advance tax by net baking only? Plz guide us.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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15 September 2010 Yes... its mandatory

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 September 2010 YES. No other mode is possible.

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.

Notification link---

http://www.incometaxindia.gov.in/archive/CircularNo.5-21072008.pdf

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santan mishra

santan mishra (Querist)
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15 September 2010 thnks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 September 2010 In view of CBDT Notification 34/2008 dated 13/3/2008 read along with section 2(43) of the Income tax Act,1961, corporate assessee's has to pay advance tax by electronic mode only.