Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd :: cpt :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TDS
 
 
« News Headlines »
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you

e-payment of direct taxes may be made mandatory
December, 12th 2007

The Income-Tax Department wants to popularise e-payment of taxes among the 3.2 crore-odd income tax assessees in the country. Towards this end, the department may, from January 1, make it mandatory for certain categories of assessees to pay direct taxes only through the e-payment mode.

Indications are that e-payment of direct taxes would become mandatory for corporates to begin with. Already, corporates are required to file their income-tax returns through the electronic route only.

There is thinking within the Central Board of Direct Taxes that e-payment should be mandatory from January 1, for certain category of assessees. It might be corporates to start with. e-payment is a cleaner way to make payment and one can avoid paper work, a senior Finance Ministry official said.

There are currently 32 agency banks that deal with income-tax payments. Of these, eight already offer e-payment option through net-banking accounts.

There are some banks that are not in a position to offer e-payment facility. Official sources said that 20 banks have evinced interest to offer net banking facility and at least two banks have expressed inability to provide such a facility due to the state of their computerisation.

Already, some of the assessees with net banking accounts make their tax payments through the e-payment route. Of the eight banks that offer e-payment facility, which is currently optional for assessees, sources said that only fourSBI, Axis Bank, HDFC Bank and ICICI Bank are popular among taxpayers.

In fiscal 2006-07, the Government collected less than 1 per cent of its total direct tax collections of about Rs 2,29,272 crore through the e-payment mode. For fiscal 2007-08, the Centre has pegged the budget estimate for direct taxes at Rs 2,67,490 crore.

Going by the current trend in collections, the Centre is expected to comfortably exceed the budget estimates on the back of buoyant economic growth and strong compliance culture among taxpayers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions