Kotak Mahindra Bank has announced the successful integration of its recently-launched e-filing portal – eportal.incometax.gov.in. With this integration, it has become one of the first private sector banks to be integrated for direct tax payments.
According to a press release by the bank, this integration will allow both individuals and corporates to conveniently pay their direct taxes online through the e-pay tax tab.
After submitting the required data for tax filing, they will be redirected to the bank’s Netbanking platform. Alternatively, they can also approach the nearest branch to complete the process. The aim is to make the tax-payment process “simple, instant and convenient”, the bank said in the press release.
Incidentally, the approval comes at a time when all banks have been permitted to take part in government business. The new facility will now allow the customers of Kotak Mahindra Bank to pay taxes both through the bank’s Netbanking as well as branch banking network.
Dipak Gupta, joint managing director, Kotak Mahindra Bank said that with this facility, they have become one of the first banks to offer a direct taxes payment ecosystem across all channels.
“We are continuously innovating to make this experience more customer centric, convenient and secure. We are immensely proud of our teams for incorporating the holistic tax payment solution into our banking systems in a short time,” he added.
Incidentally in October 2021, Kotak Mahindra became the first in-line of scheduled private sector banks to get approved as a collection partner for taxes. The bank could collect direct and indirect taxes, including income tax, and goods and services tax (GST), among others.
Earlier, in February 24, 2021 the Ministry of Finance allowed all private sector banks to participate in government businesses.
“The government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of government-related banking transactions, such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc. This step is expected to further enhance customer convenience, spur competition and higher efficiency in the standards of customer services. Private sector banks, which are at the forefront of imbibing and implementing latest technology and innovation in banking, will now be equal partners in development of the Indian economy and in furthering the social sector initiatives of the government,” the Ministry of Finance said in the statement.
It further said that “with the lifting of the embargo, there is now no bar on the Reserve Bank of India (RBI) for authorisation of private sector banks (in addition to public sector banks) for government business, including government agency business. The government has conveyed its decision to RBI”.
Later, Union Minister of Finance also Tweeted about the same.
“Embargo lifted on grant of govt. business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering the government’s social sector initiatives, and enhancing customer convenience,” Union Minister of Finance Nirmala Sitharaman said in her Tweet.
