Monday, July 18, 2022

Federal Bank Launches Its New Online Tax Payment Service In Association With Central Board of Direct Taxes

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 became one of the pioneers to be registered under the Tin 2.0 platform of the 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. "

About Federal Bank: Limited

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of 1,300 banking outlets and 1,886 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ? 3.35 Lakh Crore as on 30 June, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.57% as on 30th June 2022. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its pr.

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