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Federal Bank launches online tax payment Service

Published on July 20, 2022
Current Context: The private lender Federal Bank has, in association with the Central Board of Direct Taxes (CBDT) launched an “online tax payment service”.
Federal Bank launches online tax payment Service
  • This Facility will help the taxpayers in India, NRIs, and Domestic Customers to make their tax payments online by using the income tax portal, instantly via any online payment modes such as Debit/Credit Card, UPI, Net banking, and cash, NEFT/RTGS, etc.
  • The Tax Payers can generate a tax challan and make the payment through their bank branches. There is no requirement for PAN/TAN registration or verification for taxpayers.
  • The Bank had received approval from the Centre for direct tax collection of last financial year and made practical on July 1.
  • With this partnership, Federal Bank became one of the pioneers to be registered under the Tin 2.0 platform of the Income Tax Department.
  • Static Part:
    • Federal Bank Headquarters: Aluva, Kerala
    • CEO of Federal Bank: Shyam Srinivasan

Question:

Q.1 Which bank launched an “online tax payment service” associated with the Central Board of Direct Taxes (CBDT)?
a. HDFC Bank
b. Federal Bank
c. ICICI Bank
d. IDBI Bank
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