13 March 2009
as per a notification issued by the CBDT, all companies and assessee covered u/s 44AB are mandatorily required to pay their income taxes electronically. What are the implications in case an assessee pays them manually?
13 March 2009
The same will treated as non payment of tax for the purpose of sec 234A,B & C. And for purpose for penalties. In case of sufficient cause for condonation ITO may waive the interest & penalties.
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