RBI Authorises Banks To Collect Income Tax

Reserve Bank has authorised various bank branches to collect income tax dues in advance for the September quarter.

In an appeal to income tax assesses, RBI has asked them to remit tax dues sufficiently in advance of the due date.

According to RBI, assesses can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.

These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices.

RBI has asked the income tax payers to remit dues in advance to reduce the burden due to rush towards the end of quarters.

Remitting income tax dues through RBI has been far too heavy towards the end of September every year and it becomes difficult to cope with the pressure of issuing receipts, although additional counters to the maximum extent possible are provided for the purpose, the apex bank said.

It has authorised 29 bank branches to accept the payments of I-T dues.

The banks where I-T payers can deposit their dues are — Allahabad Bank, Andhra Bank, Bank of India, Axis Bank, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank and Oriental Bank of Commerce.

Other banks include Punjab & Sindh Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Travancore and State Bank of Mysore.