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Indian Banks Able To Accept Advance Income Tax Payments

by Mary Swire, Tax-News.com, Hong Kong

26 August 2008


It has been announced this week that as many as 965 computerised branches of public and private sector banks will be able to receive advance income tax payments in Mumbai and Navi Mumbai.

These arrangements have been made for the convenience of the income tax assessees, the RBI announced in a statement this week.

Of the 965 bank branches, 900 branches are public sector bank branches, 36 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches.

The Reserve Bank of India (RBI) has advised income tax assessees to take advantage of these standing arrangements, in order to avoid long queues at the Reserve Bank itself.

Earlier this month, India's Ministry of Finance addressed media reports predicting an economic slowdown, based on advance tax payments from companies during FY 2008-09.

The Ministry stated that during the April-July period of 2008, total direct tax collection showed 46.95% growth compared to the previous year.


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