E-PAYMENT MADE MANDATORY FOR CORPORATES
Last updated: 04 August 2007
E-PAYMENT MADE MANDATORY FOR CORPORATES
The office of the Andhra Pradesh Chief Commissioner of Income Tax
today informed that e-payment of Direct Taxes was mandatory for
Corporate Tax payers and those coming under the purview of Sec 44 AB,
with effect from January 1, 2008. At present, five banks - State Bank
of India, UTI Bank, IDBI, HDFC Bank and Union Bank of India - were
offering this facility for customers, an official press release here
said. The e-payment was similar to net-banking, where tax payers
require a net-banking account with a bank authorised for providing e-
payment facility, and the tax payer could make his payment by using
the internet. it said. Tax payers can print a copy of the payment
receipt and the bank would send identical data to the Tax Information
Network. As soon as the bank authorises tax payment transaction, the
tax payer would get on his screen a counterfoil, containing the
necessary Challarn fields, it said. The taxpayer should quote the CIN
available on this counterfoil when filing his return, the release
added - www.newkerala. com
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