Higher PAN requirement & E-payment of Taxes mandatory wef 1-4-2008. 

Mandatory quoting of PAN in TDS/TCS returns

 

W.e.f  1^st April, 2008, the threshold limit for quoting PAN in TDS/TCS returns has been raised as under :

 

	Minimum PAN Upto 31-3-2008	Minimum PAN W.e.f  31-3-08	Increase
Form 24Q	90%	95%	5%
Form 26Q	70%	85%	15%
Form 27EQ (TCS)	70%	85%	15%
Form 27Q (Non-residents)	Nil	Nil	Nil

 

 

Higher number of  PAN are required to be quoted  for the quarter ending 31st March, 2008 onwards. Even returns of earlier quarters not yet filed, must meet the higher PAN requirement.

   

Please update Web-e-TDS Gold Q+  with Live Update or Download the latest  patch from Website www.webtelelectrosoft.com  so that the new FVU 2.116 is  updated in the software.  

 

Electronic Payment of Taxes made Mandatory from 1^st April, 2008  

FAQs about E-Payment of Taxes

Q. What is E-payment of taxes?

A. E-payment means payment of taxes online using internet banking facility offered by banks. Option of payment by debit/ credit card is not yet functional but will be available in due course.

   

Q. Is E-payment mandatory?  

 

A. Notification No. 34/2008, Dated 13-3-2008 has made E-payment of taxes mandatory w.e.f. 1^st April 2008 for the following :

 

• Companies
• Assessees to whom Tax Audit is applicable. 

There is no exemption even for individuals, HUFs  which are small in size if  their sales exceed 40 lacs. Others can use this facility voluntarily.

Q. Can e-payment be made through any bank?  

 

A. No, e-payment can be made only through specified banks.  Presently, the following banks are authorized to offer this facility :

 

1	Allahabad Bank
2	Axis Bank
3	Bank of Baroda
4	Bank of India
5	Bank of Maharashtra
6	Canara Bank
7	Corporation Bank
8	Dena Bank
9	HDFC Bank
10	IDBI Bank
11	Indian Bank
12	Indian Overseas Bank
13	Oriental Bank of Commerce
14	Punjab National Bank
15	State Bank of Bikaner & Jaipur
16	State Bank of Hyderabad
17	State Bank of India
18	State Bank of Indore
19	State Bank of Mysore
20	State Bank of Patiala
21	State Bank of Saurashtra
22	State Bank of Travancore
23	Syndicate Bank
24	Union Bank of India
25	Vijaya Bank

 

If  you do not have a bank account with any of the above banks, please go ahead and open  it now or you would not be able to make e-payment of taxes.  

 

Q. Which taxes can be paid online?  

 

A. All taxes which can be paid by Challan 280, 281, 282 and 283 can be paid online. This means that TDS/TCS, Income tax, Fringe Benefit tax,  Banking Cash Transaction Tax (BCTT) Security Transaction Tax, Wealth tax etc. including any interest and penalty can be paid online.

 

Q. What is the procedure for e-payment?  

 

A. The steps in e-payment are as under  :

 

1. Go to www.tin-nsdl.com and click on the link e-payment : pay taxes online.
2. Click “Please Click Here” after  the list of eligible banks.
3. Select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282 or ITNS 283, as applicable.
4. Enter  PAN / TAN  of the assessee, as applicable, correctly as there will be an online check on the validity of same.
5. Fill  other details like accounting head under which payment is made, Assessment Year, Name and address, Type /nature of payment etc. Most of the fields are compulsory (marked by *) and must be filled.
6. Select the bank through which payment is to be made an click on “Proceed”.
7. The name of the person as per the IT department records is displayed.
8. If the name is correct click on “Submit to the bank”.
9. This will take you to the internet banking site of  your bank.
10. Internet banking facility with transaction access and not only view access with one of the authorized banks is a must.
11. Most of the banks have a different mechanism for accepting e-payments depending on the software package that they are using. Some will ask only user name and password. Others like Corporation Bank may also ask for “domain name” for corporate clients. 
12. Enter the relevant  user name, password etc. to login to your internet banking account.
13. Enter the breakup of tax i.e. tax, cess, surcharge, interest and others. Some banks like Punjab National Bank ask user name and password after this step.
14. Confirm the particulars entered to make online payment of taxes.
15. On successful payment challan will be displayed online. Its  printout  can be taken  for records.
16. Some banks like Corporation bank require the payment to be authenticated by another user of internet banking. This may provide better security but may be more time consuming and inconvenient.

 

Q. What are the benefits of e-payment?  

 

A.  The benefits of e-payment are as under:

• Anytime banking. Payment can be made online at any time subject to the restrictions of individual banks. However, payments made after a specified time may be accounted for the next working day.
• Physical copy of challan can be generated immediately.
• Due to automation, problems of Challan Mismatch due to mistakes in data entry by banks would be eliminated. This will save the assessee/deductor from notices of inconsistency from the department on this account.

 

Q. Can Web-e-TDS Gold (Q) + help me in e-payment of taxes?  

 

A.  The facility of e-payment has been incorporated under “Online Utilities” in Web-e-TDS Gold Q+. There is no need to go to the NSDL website. Various fields like TAN/PAN, name, address etc. are automatically filled offline. Then you are taken to the internet banking site of the bank. This has simplified the process of e-payment to a great extent.

   

 

With best regards,

 

TEAM AT WEBTEL

 

 

 

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