Federal Bank becomes the First Bank to list its Payment Gateway platform on the Tax Information Network (TIN) 2.0 platform of the Income Tax Department.On ist July 2022 TIN 2.0 platform was initiated by Federal Bank and the Payment Gateway has been enabled for additional payment options for taxpayers.
The payment can be done using various modes such as Credit/Debit Card, Unified Payment Interface (UPI), National Electronic Fund Transfer (NEFT)/ Real Time Gross Settlement (RTGS) and Internet Banking.
In July 2022, the Federal Bank had partnered with the Central Board of direct taxes (CBDT) to assist taxpayers in making their payments through the e-pay tax facility in the e-filing portal of the income tax.
In 2021 Federal bank had already received government’s approval for the collection of Direct Tax which was effective from 1st July 2022.
About Tax Information Network (TIN):
- TIN, an initiative by the Department of Information Technology (IT) for the collection, processing, monitoring and accounting of direct taxes using IT.
- TIN is also a repository of nationwide tax related information and has been established by Protean eGov Technologies Limited on behalf of the Department of IT.
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