E-PAYMENT OF TAXES MANDATORY

The central board of Direct taxes has made e-payment of taxes mandatory for all deductors effective 1st April, 2009. Accordingly, all categories of non-corporate taxpayers with turnover less than Rs.40 lakh or gross receipts less than Rs. 10 lakh will have to make electronic payment to the exchequer of the income-tax that they deduct at source. Already, e-payment of taxes is mandatory for corporates and assesses that are required to undertake tax audit.