Pay Income Tax Dues On Time To Avoid Last-Minute Rush: RBI
May, 17th 2016
The Reserve Bank of India has asked income tax assessees to pay their tax dues well in advance to avoid last minute rush.
The RBI has also designated 29 banks where people can pay their income tax advances besides accepting the dues at its own office.
It has also asked assessees that they can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.
"It is observed that the rush for remitting Income-Tax (I-T) dues through the Reserve Bank has been far too heavy towards the end of June every year and it becomes difficult for the RBI to cope with the pressure of issuing receipts although additional counters to the maximum extent possible are provided for the purpose", the RBI said in a notification.
The central bank said assessees can pay their dues at State Bank of India's authorised branches and its five associate banks, ICICI Bank, Axis Bank, HDFC Bank, Punjab National Bank, Allahabad Bank, Syndicate Bank, Andhra Bank, UCO Bank, Bank of Baroda, Union Bank of India, Bank of India, United Bank of India, Bank of Maharashtra, Vijaya Bank and Canara Bank.
Among others are Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce and Punjab & Sindh Bank, it said.