Skip to content
Blog

FQA For E-payment Procedure

It is compulsory for every company to pay income-tax tax electronically.

Justification :

It is compulsory for the following taxpayers to pay tax using the e-payment mode only (i.e., using internet banking facility):

    • All companies
    • All taxpayers other than company who are liable to get their accounts audited as per section 44AB.
Advertisements

Thus, the statement given in the question is true and hence, option (a) is the correct option.

It is compulsory to pay income-tax using the e-payment mode for all the taxpayers other than a company who are liable to get their accounts audited as per section 44AB.

A person not compulsorily required to pay tax electronically cannot voluntarily pay his tax by using the e-payment facility.

Justification :

A person not covered in the mandatory category can voluntarily pay his tax using the e-payment mode. Thus, the statement given in the question is false and hence, option (b) is the correct option.

For making e-payment of taxes one should have only two things, an internet connection and a Net banking enabled account in an authorised bank.

Justification :

For making e-payment of taxes one should have only two things, an internet connection and a net banking enabled account in an authorised bank. If the taxpayer does not have a net banking enabled account, then he can make e-payment using a net banking enabled account of any other person but the tax should be paid in his name.

Note:If the taxpayer does not have a net banking enabled account, then he can make e-payment using a net banking enabled account of any other person.

The facility of e-payment of tax is available in case of income-tax and not in case of other direct taxes like wealth tax, securities transaction tax, etc.

Justification :

Following direct taxes can be paid using the e-payment mode :

(1) Income-tax
(2) Corporate tax (i.e., income-tax paid by a company)
(3) Tax deducted at source (TDS)
(4) Tax collected at source (TCS)
(5) Securities Transaction Tax (STT)
(6) Wealth-tax and other direct taxes like gift tax, expenditure tax, etc
Thus, the statement given in the question is false and hence, option (b) is the correct option.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *