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Federal Bank and CBDT collaborate to offer online tax payment services

Federal Bank and the Central Board of Direct Taxes have teamed to let taxpayers use the e-filing portal’s e-pay tax function. Taxes can now be paid promptly by anyone using methods including cash, NEFT/RTGS, a debit/credit card, UPI, net banking, etc. Through the bank’s branches, NRIs, domestic clients, and any tax-paying citizen can create tax challans and submit payments.

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KEY POINTS:

  • The Bank had been given the go-ahead by the Center to begin collecting direct taxes on July 1 of the previous fiscal year.
  • For starters, there is no necessity for PAN/TAN registration or verification for taxpayers, eliminating any potential for late tax payments.
  • As a result of this agreement, Federal Bank is one of the first businesses to be registered on the Income Tax Department’s Tin 2.0 platform.
  • Federal Bank’s President and Country Head for Wholesale Banking, Harsh Dugar, claims that this will make it easier for clients to pay their taxes by using any of their payment options, and it will also allow non-customers to pay at their branches’ counters.
  • With a host of digital initiatives, the bank helps customers transact easily, fostering corporate agility.
  • The bank see it as a confirmation of their dedication to maintaining a digital front and a human heart.

Important takeaways For All Competitive Exams:

  • Group President and Country Head – Wholesale Banking, Federal Bank: Harsh Dugar
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