RBI designates 29 bank branches to collect advance income tax

RBI designates 29 bank branches to collect advance income tax New Delhi: Reserve Bank has designated 29 bank branches, including public and private banks to collect income tax payment in advance of the due date to avoid last minute rush towards March-end.

State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Allahabad Bank, Punjab National Bank, Oriental Bank of Commerce, Bank of Baroda are among the bank branches that have been designated to collect these advances from tax assessees.

"Pay IT dues in advance at RBI or at authorised bank branches. It is observed that the rush for remitting income tax dues through the RBI has been far too heavy towards the end of March every year and it becomes difficult for the RBI to cope with the pressure of issuing receipts although additional counters to the maximum extent possible are provided for the purpose," RBI said in a release Monday.

Among others are Andhra Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank, Syndicate Bank, UCO Bank, United Bank of India, Union Bank of India, Vijaya Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Travancore, State Bank of Mysore and State Bank of Patiala.

RBI has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date.

Assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks, according to the RBI release.

"These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices," it added.