E-Payment Of Direct Taxes Compulsory From Next Year

Hyderabad: e-Payment of direct taxes will be compulsory for corporate taxpayers and taxpayers who come under the purview of Section 44AB with effect from January 1, 2008. For e-payment of taxes, the taxpayers will need a Net banking account with a bank authorised for giving the facility. The bank will forward an identical data to the Tax Information Network. The taxpayer will get an e-counter foil containing all the necessary challan fields which should be saved and printed out for record of the payer. The Challan Identification Number available on the counterfoil should be quoted while filing the returns. Currently, State Bank of India, UTI Bank, IDBI Bank, HDFC Bank and Union Bank of India are offering the facility for their customers.