July 2022:On the back of strong Q1 results for FY-23, Federal Bank partners with the Central Board of direct taxes to assist taxpayers in making their payments via the e-pay tax facility in the e-filing portal of the income tax. Anyone can now pay their taxes instantly via any of their payment modes such as Debit/Credit Card, UPI, Net banking, cash, NEFT/RTGS etc. NRIs and Domestic Customers of the bank, as well as any tax-paying citizen in India can generate a tax challan and make the payment through the Bank’s branches.
The Bank had received approval from Government of India for collection of Direct Tax last financial year and has been made effective since 1st July 2022. In a first, there is no requirement of PAN/TAN registration/verification for taxpayers and it takes away any delay in payment of tax. With this partnership, Federal Bank becomes one of the pioneers to be registered under Tin 2.0 platform of Income Tax Department.
Commenting on the association, Harsh Dugar, Group President and Country Head – Wholesale Banking, Federal Bank, said “We are delighted to announce the Bank’s partnership with the new income tax portal. This will facilitate easy tax payments for our customers who can use any of our payment modes and additionally non-customers who can use over the counter mode at our branches. These are among the slew of Digital initiatives, being invested into by the bank, to delight our clientele with ease of transaction and brings agility to our business. We see it as a reinforcement of our commitment to being Digital at the Fore and Human at the core. “