2.person other than corporate but covered under section 44ab(compulsory Tax audit)
No minimum limit has been suggested in press release which i think is not correct and unjustified for small & medium business.In my view at least 100000 tax limit should be there,means the person who's tax payment is less than 100000 in a year can be pay taxes either online or of line .please comment.but there is no such limit given in press release.Please give ur comment on the issue.
press release is given hereunder for ready reference.Moreover it has been also clarified that epayment can be made through debit or credit card.
Whether tds is also liable to be paid online?????-A view,check what RBI thinks about it
Update:clarification on tds mandatory epayment and payment from other's bank accounts has been issued vide circular no 5/2008 dt 14/05/2008
No.402/92/2006-MC (05 of 2008)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi dated the 23rd January 2008
The optional scheme of electronic payment of taxes for income-tax payers was introduced in 2004. With a view to expand the scope of electronic payment of taxes, it is proposed to make the scheme mandatory for the following categories of tax-payers:-
(i) All corporate assesses;
(ii) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act are applicable.
2. The scheme of mandatory electronic payment of taxes for income-tax payers is proposed to be made applicable from 1st April, 2008.
3. Tax-payers can make electronic payment of taxes through the internet banking facility offered by the authorized banks. They will also be provided with an option to make electronic payment of taxes through internet by way of credit or debit cards.
HOW TO DEPOSITE ONLINE INCOME TAX
For e-payment of taxes person should have internet banking in one of the following bank.At present only following banks are authorized to the receive Income tax Payment online.
1. Axis Bank
2. State Bank of India
3. Punjab National Bank
4. Indian Overseas Bank
5. Canara Bank
6. Indian Bank
7. Bank of India
8. Corporation Bank
9. State Bank of Bikaner & Jaipur
10. State Bank of Travancore
11. State Bank of Indore
12. Vijaya Bank
13. HDFC Bank
14. Oriental Bank of Commerce
15. State Bank of Patiala
16. IDBI Bank
17. Union Bank of India
18. Bank of Baroda
list is day by day increasing so check with your bank
official words on online tax payments