« Top Headlines » Open DEMAT Account in 24 hrs  ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal  GST Rule Changes for FY 2025 26  Income tax return filing 2025: Five ITR mistakes that can trigger an income tax notice in 2025  ITR filing What is updated income tax return and ITR U Who can file & what you can t change - top points to know  Shifted to new tax regime? Here are 5 investments you shouldn't drop  Auditing and Assurance Standards Board Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects. «  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.