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E-Tax Payment Made Mandatory For Corporate Assessees In India

by Lorys Charalambous, Tax-News.com, Cyprus

29 January 2008

The Indian government announced last week that later this year, electronic tax payment is to become mandatory for certain groups of taxpayers.

In a statement, the Central Board of Direct Taxes explained that:

"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 assessees;
(ii) All assessees (other than company) to whom provisions of section 44AB of the Income Tax Act are applicable."

The new requirements are set to come into force on April 1.

The CBDT concluded by announcing that:

"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."

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