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Pay I-T dues in advance to avoid last minute rush: RBI

 PTI |  2016-11-03 22:02:50.0  |  Mumbai

Reserve Bank has asked income tax assessees to pay their dues in advance and has designated a total of 29 banks at which the payments can be done.

RBI said remitting I-T dues towards the end of December every year becomes too far heavy and makes difficult for it to cope with the pressure of issuing receipts despite opening additional counters to the maximum extent possible.

Encouraging I-T asseessees to pay their dues sufficiently in advance of the due date, RBI said the dues can be paid at RBI or at the authorised bank branches.

Most of the agency banks designated to collect the dues also have online payment facilities to pay taxes.

“Assessees 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 said in a notification. The Reserve Bank of India has asked tax-payers to remit their income-tax dues in advance to minimise inconvenience. 

It has said that there is heavy rush for remitting income-tax dues at the RBI and other banks authorised to collect income tax towards the end of March, June, September, December. 

The 29 agency banks who are authorised to accept the payments of I-T dues are : SBI, ICICI Bank, HDFC Bank, Axis Bank, Punjab National Bank, IDBI Bank, Bank of Baroda.

Remaining are Canara Bank, Corporation Bank, Bank of India, Allahabad Bank, Andhra Bank and Central Bank of India.

Assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. The others are Bank of Maharashtra, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sindh Bank, Syndicate Bank.

Other banks are UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala.

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