Pay income tax dues well in advance: RBI

Pay income tax dues well in advance: RBI

The Reserve Bank today asked income tax assesses to pay their dues well in advance so as to avoid inconveniences caused by the last minute rush, and designated 29 banks for the collections.

In an appeal through a circular, RBI has asked income tax assessees to remit their income dues sufficiently in advance of the due date.

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

"...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 added.

It has authorised 29 banks to accept payments of income tax dues.

The designated banks include Allahabad Bank, Syndicate Bank, SBI, HDFC Bank, Axis Bank, Punjab & Sindh Bank, ICICI Bank and Punjab National Bank.