List of Authorised Banks For Income Tax Payments

As per the Income Tax Act of 1961, the annual income and profits of individuals and businesses are subject to income tax. It is typically applied to the net taxable income of an individual or organisation for the relevant financial or fiscal year, which begins on 1 April and ends on 31 March of the next calendar year.

If you are one of the taxpayers, you must be aware that today, taxpayers can use Internet banking or online payment facilities through authorised banks. To ensure the payment of taxes on time and without any hitch, check out the list of authorised banks for income tax payments. 

Authorised Banks That Offer e-Pay Tax Services

The following is the list of income tax payment authorised banks.

• Andhra Bank
• Bank of Baroda
• Allahabad Bank
• Bank of Maharashtra
• Bank of India
• Axis Bank
• Indian Overseas Bank
• Canara Bank
• ICICI Bank
• Dena Bank
• Corporation Bank
• Central Bank of India
• IDBI Bank
• HDFC Bank
• Indian Bank
• UCO Bank
• Oriental Bank of Commerce
• State Bank of India
• Jammu & Kashmir Bank
• Punjab and Sind Bank
• Syndicate Bank
• Punjab National Bank
• United Bank of India
• Vijaya Bank
• City Union Bank
• Federal Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• RBL Bank
• South Indian Bank

Eligibility To File Income Tax Returns Online

India follows a progressive income tax system that places higher income earners in higher tax brackets. Any individual or entity can file Income Tax Returns (ITR). Moreover, if your income falls below the taxable limit, you can still file a nil return to take advantage of associated benefits like quick loan approval or prompt visa approval and processing.

Here are the types of individuals liable to file ITR:

• Indian residents having an income of more than or equal to Rs 3 lakh (as per the new tax regime applicable from FY 2023-24).
• A firm/Cooperative Society/BOI/AOP/Local Authority/Artificial Juridical Person.
• Citizens aged above 80 (super senior citizens) with an annual income equal to or exceeding Rs 5 lakh.
• Senior citizens above 60 years with an annual income of more than or equal to Rs 3 lakh.
• Individuals who want to claim a refund on the excess tax deducted.
• Individuals having financial interest entities or assets that are located outside India.
• All registered companies that generate income.
• Indian residents have the signing authority of any account outside India.

Apart from this, you must hold an account in any of the banks on the list of banks for income tax payment. Moreover, if you do not have an account in one of the authorised banks listed above, you can use your spouse's or friend's account (authorised banks) for online tax payment.

How To Make the Income Tax Payment Online?

If you are a salaried individual, you can follow these easy steps and make payments without any hitch. 

Pay After Generating a Challan Form (Post Login Service)

1. Navigate to the online tax payment website https://www.incometax.gov.in/iec/foportal/ and log in with your PAN and password.
2. Click on the "e-Pay Tax" tab available on the "e-file" menu.
3. Select the “New payment” option, and a new page will appear on the screen.
4. Click on “Proceed” on the tax payment tile applicable to you.
5. Thereafter, select the assessment year and type of payment correctly from the options provided, which include Self-Assessment Tax (300), Advance Tax (100), Tax on Regular Assessment (400), etc.
6. Select the amount you need to pay in the "Tax" space and click on "Continue".
7. Then, a payment mode page will appear on the screen, where you can select the “Net Banking” mode and your preferred bank name and click on "Continue".
8. In the preview and payment page, verify all the details and click on the “Pay now” option.
9. Accept the terms and conditions and make payment.
10. On successful payment, the screen will display a challan containing payment-related details. You can download the challan copy for future reference.

Pay Without Logging to the e-Filing Portal (Pre-Login Service)

1. Navigate to the official website of the e-filing portal and click on the e-Pay tax option.
2. Fill in the required details like PAN number and mobile number, and click on "Continue".
3. You will receive a 6-digit number that you will have to enter on the required space for OTP verification.
4. After successful OTP verification, a success message along with the details about PAN/TAN and masked name will appear on the screen.
5. Click on "Proceed" to continue and select the tax payment category applicable to you.
6. After selecting the applicable tax payment title, select other relevant details like assessment year, minor head, etc.
7. Now enter the total tax amount payable in the required field and click “Continue”.
8. A new page will appear on the screen. You can select the “Net Banking” mode and choose your preferred bank (this bank must be in the list of authorised banks for income tax payment).
9. After clicking on the "Continue" option, check all the details on the preview page and click the "Pay now" option.
10. Accept the terms and conditions and click “Submit to Bank”.

Final Word

To put people at ease, the Income Tax Department has utilised technology to ensure timely and hassle-free tax payments. By following the easy steps mentioned in the article, you can easily pay your income tax online. However, to avail this service, it is important to take note of which all banks accept income tax payments.