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of <h1>Electronic Tax Payments Required for Section 44AB Taxpayers from April 1, 2008; Banks to Stop Accepting Physical Challans.</h1> The Central Board of Direct Taxes has mandated electronic tax payments for companies and individuals subject to Section 44AB from April 1, 2008. Banks are instructed to identify corporate taxpayers by their PAN, which has 'C' as the fourth digit, and not accept physical challans from them. For Section 44AB taxpayers, banks should not demand proof for physical challans, as the responsibility for e-payment lies with the taxpayer. Banks must provide immediate e-payment acknowledgments, display transaction IDs in statements, and offer contact information for assistance. Branches should receive necessary instructions to comply with these guidelines.
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