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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 5 things you should not forget while filing income tax return
 10 Easy Steps to File ITR 1 Online
 How to e-verify income tax return?
 What to do when you receive a notice from the tax department
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

E-tax payment may be compulsory
January, 04th 2008
To cover tax payments of Rs 50,000 and above.
 
From April 1, individual and corporate taxpayers who pay Rs 50,000 and more as tax in a single payment may have to make the payment electronically.
 
A formal announcement to this effect from the Central Board of Direct Taxes is expected shortly, finance ministry sources confirmed.
 
The move is expected to bring up to 3 million companies and other large tax payers under the purview of mandatory e-payment from the next fiscal year.
 
E-payments of direct taxes are currently optional, though e-filing for companies and certain categories of taxpayers is mandatory. 
 
THE E FACTOR
  2006-07
(till Nov)
2007-08
(till Dec)
Mandatory e-filing (nos) 288388 657993
Voluntary e-filing (nos) 2053 607404
* Number of assessees in India stood at 31.9 million as of 2006-07
Mandatory e-filing of returns:

*
For companies since 2006-07
*
For others (audited under Sec 44AB of the IT Act, 1961) from 2007-08
 
Such payments accounted for less than one per cent of net direct tax payments of Rs 2,30,090 crore in 2006-07.
 
The move is being made at the behest of Finance Minister P Chidambaram, sources at North Block told Business Standard.
 
However, filing electronic returns is likely to continue to be optional for individual taxpayers.
 
Mandatory e-filing of returns was first introduced in 2006-07 for corporations and then extended to cover partnership firms, businesses and professionals whose accounts are statutorily audited in 2007-08.
 
Tax assessees can pay taxes online through their internet banking accounts at 17 designated banks including the State Bank of India and Punjab National Bank.
 
Seven more public and private sector banks have expressed their willingness to join the e-payment system.
 
Sources added that mandatory e-payment of taxes will boost the CBDTs effort to capture data and mine it better to check evasion and fraudulent claims.
 
It will also help provide better services to taxpayers to boost direct tax collections, which are currently growing at over 42 per cent.
 
Significantly, e-filing returns by individual taxpayers, for whom it is optional, shot up sharply in 2007-08.
 
The number could go up significantly if they are allowed to do so through credit or debit cards, said a tax expert.
 
The 700,000 to 800,000 new taxpayers that join the taxpayer base are internet savvy and may prefer to pay taxes and file returns online, the expert added.
 
On the indirect taxes side, electronic payment of service tax is mandatory for assessees who paid service tax of Rs 50 lakh or above in 2006-07.
 
Similarly, excise assessees making tax payment in excess of Rs 50 lakh have to pay electronically from April 1 this fiscal.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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