News | Tax

You Cannot Use Accounts With These Banks to Pay Income Tax on TIN NSDL Website Any More

If you pay income taxes online, better check if the bank you have your account with has changed/migrated its tax payment facility route. This is because new income tax e-filing portal has started allowing payment of taxes through the service of e-Pay Tax window on the portal itself. Customers of specific banks that have migrated to this system from the TIN NSDL website will now have to visit the e-filing income tax portal to pay their income tax. 
 
As per the directions of the Central Board of Direct Taxes, many banks have to switch over from the OLTAS e-Payment of Taxes facility on the TIN NSDL website to the new Direct Tax Payment System called CPC 2.0 - TIN 2.0 on the new income tax e-filing portal with respect of collection of direct tax through internet banking and over the counter. This is a positive move by the authorities. It allows users to avail the facilities at one portal itself, rather than having to move to different platforms for tax payments. Hence, individuals are now advised to navigate to e-Pay Tax on the new income tax portal to make direct tax payments if they are making payment using specific banks.
 
Here is the list of the banks that have migrated to the new income tax portal and are no longer available on the NSDL portal for income tax payments: 
 
a) Axis Bank 
b) Central Bank of India 
c) ICICI Bank 
d) Indian Bank
e) Karur Vysya Bank
f) Bank of Maharashtra
g) Canara Bank
h) Indian Overseas Bank
i) Bank of India
j) Federal Bank
k) Kotak Mahindra Bank
 
Banks may have informed their customers of this change. ICICI Bank did it by sending an SMS to its customers that said: "Income Tax Department has migrated ICICI Bank to new Tax Information Network version 2.0 for payment of Direct Tax."
 
Advantages for tax payer
 
The new income tax portal has several advantages over the NSDL window. For one, e-Pay Tax offers a wide range of payment options such as debit cards, net banking, RTGS/NEFT, payment gateways (UPI, credit cards) and pay-at-bank counters; the NSDL website allows payment only using net banking and debit cards.
 
Disadvantages/Charges on tax payment 
 
However, some charges are applicable in certain cases while using e-Pay Tax. Transaction charges will be levied if an individual opts to pay income tax via NEFT/RTGS and uses the payment gateway. If an individual opts for the Federal Bank payment gateway, then 0.85% extra will be applicable if payment is done via a credit card and Rs5-12 if done through net banking. The NSDL website did not have such charges. Currently, the TIN NSDL website allows payment of taxes only through certain banks. 
 
If your bank has not moved to the new system, the income tax e-filing portal has an option to direct you to the NSDL window to make the tax payment. It says: "Click here to go to NSDL (Protean) tax payment page for other banks." 
 
The ones still listed (as on 14 November 2022) on the TIN NSDL website for payment via net banking are:
 
 l) Bank of Baroda 
m) HDFC Bank 
n) IDBI Bank 
o) Jammu & Kashmir Bank 
p) Punjab and Sind Bank
q) Punjab National Bank 
r) State Bank of India 
s) UCO Bank 
t) Union Bank of India 
The TIN NSDL website also allows payment of taxes via a debit card through these four banks: 
a) Bank of Baroda 
b) HDFC Bank 
c) Punjab National Bank 
d) State Bank of India
 

User

  Loading...
  Loading...

To continue


Please
Sign Up or Sign In
with

Email

We are listening!

Solve the equation and enter in the Captcha field.

Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
img
Debashis Basu
Founder