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Wednesday, November 19, 2014

RBI urges companies to remit tax dues in advance

The RBI has requested companies to pay Income Tax in advance using online or alternate channels of banking to avoid last minute rush towards the end of December.

“The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that 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 statement.

The income tax can be paid through 29 agency banks authorised by the banking regulator. These banks include most public sector banks including State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank among others. RBI has also authorised top three private banks – ICICI Bank, HDFC Bank and Axis bank to accept payments of Income Tax dues.

The RBI observed that, “The rush for remitting Income–Tax dues through the Reserve Bank of India has been far too heavy towards the end of December every year and it becomes difficult for the Reserve Bank to cope with the pressure of issuing receipts although additional counters to the maximum extent possible are provided for the purpose.”

Source : Thehindubusinessline


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