E-payment of taxes made mandatory for corporates

The Central Board of Direct Taxes on Wednesday made electronic payment of taxes mandatory for corporates, large businessmen and professionals with effect from April 1, 2008. The scheme, according to CBDT, will apply to all corporate assesses and large taxpayers (covered under section 44AB of the Income Tax Act). The Board had introduced the scheme for electronic payment of income tax on optional basis in 2004. Under the scheme, the assessees can make electronic payment of taxes through the Internet banking facilities. They will also be allowed to pay taxes through credit or debit cards, the CBDT said. – www.economictimes.com