« Top Headlines » Open DEMAT Account in 24 hrs  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal «  State Bank leads tax remittance chart again... MNCs may get to sign advance pricing pacts... » Electronic tax payment from October for high value payers September, 23rd 2006 High value service tax payers will have to compulsorily file their tax in the electronic format, from October 1. In a notification issued today, the government has made electronic mode of payment of service tax obligatory for those, who have paid Rs 50 lakh or more as service tax during the last financial year or whose payment of service tax has exceeded Rs 50 lakh during the current financial year. The notification says this is in consonance with the governments policy to increasingly use information technology to improve the operational efficiency of collection of taxes and to reduce the transaction cost. Electronic payment of service tax is a simple, transparent, efficient and economic way of payment of tax. This will reduce human interface and compliance cost, the notification says. Currently, 24 designated banks have been enabled for electronic payment. Field officers and banks have been advised to contact the service tax assessees and extend all necessary assistance to make the transition smooth and successful. Service Tax Commissionerates have also been organising Interactive Programmes, for the benefit of the assessees, in co-ordination with the bankers and the officers of the principal chief controller of accounts. The government has also said other service tax assessees who are below the threshold limit are also being encouraged to make payment of service tax electronically.