Karnataka Bank Enables Direct Tax Payment For Customers
The initiative aligns with the bank's vision of leveraging technology to simplify financial transactions, Sekhar Rao said.
The city-headquartered Karnataka Bank has enabled the facility of payment of direct taxes (income tax and advance tax) for its customers, a bank release said here on Tuesday.
The bank is already providing the facility of online remittance through 'Icegate' portal for Customs duty payment, GSTN portal for goods and service taxes payments and over the counter mode on behalf of Central Board for Indirect Taxes and Customs (CBIC).
The development comes after Karnataka Bank was earlier authorised by the Reserve Bank of India (RBI) on the basis of recommendation of Controller General of Accounts (CGA), Ministry of Finance, for collection of direct and indirect taxes, on behalf of Central Board of Direct Taxes (CBDT) and CBIC.
Bank CEO and managing director H Srikrishnan said "post appointment as agency bank by RBI, the bank is actively engaged in government businesses. This is the beginning of our journey to undertake government business that will expand to other Central and state government departments."
The bank's executive director Sekhar Rao said enabling income tax payments through the bank platform is a significant milestone, enhancing the overall banking experience. The initiative aligns with the bank's vision of leveraging technology to simplify financial transactions, he said.