E-Payment Of Taxes Compulsory For Corporates From April

New Delhi: From April 1, corporates will be needed to pay their direct taxes only through the electronic route. Electronic payment of direct taxes will also become compulsory from this date for all assesses (other than company) to whom tax audit is applicable, a Finance Ministry official said. The official pointed out that taxpayers can make electronic payment via the Internet banking facility offered by any of the authorised banks. As of today, 18 banks are authorised to offer e-payment facility. Taxpayers will also be given with an option to make electronic payment of taxes via Internet by way of debit cards/credit cards. Electronic payment is seen as a cleaner way to make payment and one could avoid paper work also. Already assessees with Net banking accounts make their tax payments via the e-payment route. Of the banks that offer e-payment facility, sources said that only four SBI, Axis Bank, HDFC Bank and ICICI Bank are popular among taxpayers.