NOTIFICATION NO. 34/2008, DATED 13-3-2008
In exercise of the powers conferred by sub-section (1) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2008.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962, after rule 124, the following rule shall be inserted, namely:-
Electronic-payment of tax.
125. (1) The following persons shall pay tax electronically on or after the 1st day of April, 2008:-
(a) a company; and
(b) a person (other than a company), to whom provisions of section 44AB are applicable.
(2) For the purposes of this rule :-
(a) pay tax electronically shall mean, payment of tax by way of-
(i) internet banking facility of the authority bank; or
(ii) credit or debit cards;
(b) the word tax shall have the meaning as assigned to it in clause (43) of section 2 of the Act and shall include interest and penalty.[F.No. 134/37/2007-TPL]