Introduction to Enhanced Tax Payment Facilities
The Income Tax Department has announced a significant update to the Income Tax Return (ITR) filing process for the financial year 2024-25. A total of 31 banks have now been integrated with the official Income Tax Portal, enabling taxpayers to directly pay their taxes through these banks without leaving the portal.
List of Banks Supporting Direct Tax Payments
This move streamlines the tax payment process, making it more user-friendly and efficient. The list of 31 banks includes major public and private sector banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Punjab National Bank (PNB), Axis Bank, and many others. This broad integration ensures most taxpayers can use their preferred banking institution for tax payments seamlessly.
Benefits of Direct Tax Payment via ITR Portal
Direct payment through the ITR portal eliminates the need to navigate multiple websites or visit bank branches, reducing errors and saving time. It also ensures faster credit of taxes paid, minimizing delays in refund processing or tax credit application.
How to Use the New Facility
Taxpayers can select the bank of their choice during the tax payment step in the ITR filing process. After entering payment details, users are redirected to their bank’s payment gateway for secure transaction completion. Post-payment, the tax credit is automatically updated on the Income Tax Portal.
Important Dates and Compliance
The update comes ahead of the ITR filing deadline for FY 2024-25, encouraging taxpayers to utilize this facility for smoother compliance. Experts advise filing early and opting for the integrated payment system to avoid last-minute hassles and system overloads closer to the deadline.
Conclusion
This initiative by the Income Tax Department and partnered banks marks a progressive step towards digital India’s vision of simplified tax compliance. With enhanced ease and accessibility, taxpayers are empowered to meet their obligations efficiently and accurately.
Source: News 18