RBI Asks Income Tax Assessees to Pay Dues in Advance

RBI Asks Income Tax Assessees to Pay Dues in Advance
Mumbai: The Reserve Bank of India (RBI) on Monday appealed to income tax assessees to pay dues ahead of the due date as well use alternate channels of authorised banks to avoid the rush during end of March.

“Pay I-T (income tax) dues in advance at RBI or at authorised bank branches. Appeal to income tax assessees to remit their income tax dues sufficiently in advance of the due date,” the central bank said in a release.

“It is observed that the rush for remitting Income-Tax dues through the RBI has been far too heavy towards the end of March 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”, it said.

The RBI said assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks.

A total of 29 agency banks have been authorised to accept payments of income tax dues.

The authorised banks include SBI (State Bank of India) and its five associates, HDFC Bank, ICICI Bank, Axis, Bank, Punjab National Bank, Bank of Baroda, Bank of India, Indian Overseas Bank.

Among others are Corporation Bank, Dena Bank, Canara Bank, Central Bank of India and Syndicate Bank.

The RBI said that remitting dues at the designated banks will obviate the income tax assessess’ inconvenience in standing in long queues at RBI offices.