E-filing of tax returns now mandatory
Assessees who have to give audit reports will also have to make e-payment of taxes. Tax-payers can make electronic payment of taxes through internet banking facility offered by authorised banks.
By TNN |
NEW DELHI: Corporate taxpayers will now have to mandatorily pay taxes in e-mode from April 1, 2008. This follows the success which the government met with regard to e-filing of tax returns. Although, the option of paying income tax through e-mode exists, it was not made mandatory for any assessee category.
Assessees who have to give audit reports will also have to make e-payment of taxes. Tax-payers can make electronic payment of taxes through internet banking facility offered by authorised banks. They will also be provided with an option to make electronic payment of taxes through internet.
The government has already made electronic payment of service tax mandatory for assessees who paid service tax of Rs 50 lakh or above last year. Similarly, excise assessees making payment in excess of Rs 50 lakh also have to pay by e-mode from April 1 this fiscal. The e-filing of tax returns was mandatory in 2006.
The optional scheme of electronic payment of taxes for income-tax payers was introduced in 2004. The total collection through e-payment, however, continues to remain low. In 2006-07, tax collection through e-payment was less than 1% of the tax collection of Rs 1,300 crore.
Assessees who have to give audit reports will also have to make e-payment of taxes. Tax-payers can make electronic payment of taxes through internet banking facility offered by authorised banks. They will also be provided with an option to make electronic payment of taxes through internet.
The government has already made electronic payment of service tax mandatory for assessees who paid service tax of Rs 50 lakh or above last year. Similarly, excise assessees making payment in excess of Rs 50 lakh also have to pay by e-mode from April 1 this fiscal. The e-filing of tax returns was mandatory in 2006.
The optional scheme of electronic payment of taxes for income-tax payers was introduced in 2004. The total collection through e-payment, however, continues to remain low. In 2006-07, tax collection through e-payment was less than 1% of the tax collection of Rs 1,300 crore.
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