RBI, 926 branches of banks to accept advance income tax

The Reserve Bank of India (RBI) and 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai in a bid to give tax payers relief from long queues and inconvenience faced in filing returns. "These arrangements have been made for the convenience of the income tax assessees," the RBI said in a statement. Of the 926 bank branches, 862 branches will be of public sector banks. Among the private sector banks, the maximum number is of HDFC Bank - 35 branches. Other private sector bank branches include 10 branches of ICICI Bank and 19 of Axis Bank. RBI has advised income tax assessees to take advantage of these standing arrangements made for their convenience.

Source: www.cityjournal.in