Pay I-T dues in advance to avoid last minute rush: RBI

Reserve Bank of India has authorized 29 agency banks to accept payments of Income Tax dues. In a press release, the RBI has appealed to tax payers to remit their income tax sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use alternate channels like select branches of agency banks or the facility of online payment offered by these banks. 

Some of the agency banks authorized by RBI to collect tax



include Allahabad Bank, UCO Bank, Bank of India, Bank of Maharashtra, Canara Bank, State Bank of India, Central Bank of India, Dena Bank, IDBI Bank, HDFC Bank Ltd, Oriental Bank of Commerce, Axis Bank Ltd and Punjab National Bank. 

RBI has taken this measure as the rush for remitting Income Tax dues becomes far too heavy towards the end of December every year making it difficult for the Reserve Bank to cope with the pressure.