Home / News / India /  Federal Bank becomes India's 1st to list its Payment Gateway on new tax platform

Kerala-based Federal Bank has become country's first bank to list its Payment Gateway platform on the TIN 2.0 platform of the Income Tax Department.

This year, the TIN 2.0 platform went live on 1 July, and 'Payment Gateway' has been enabled. With this, TIN 2.0 platform taxpayers will get one more payment option and now make their payments with ease, using modes such as Credit/Debit Card, UPI, NEFT/RTGS and Internet Banking.

Federal Bank's Group President & Country Head – Wholesale Banking, Harsh Dugar opined that the bank is actively using digital as a key enabler of superior experience and transaction convenience.

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"With an increasing number of digital first folks joining the workforce and scaling up of digital transactions across the ecosystem, we are sure that taxpayers will appreciate the convenience of tax payments brought forth by the Federal Bank by easing the process and providing multiple options," Dugar said in a statement. 

Earlier in July, the Federal Bank partnered with the Central Board of direct taxes to assist taxpayers in making their payments via the e-pay tax facility in the e-filing portal of the income tax.

The bank also received government's approval for collection of Direct Tax last financial year and has been made effective since 1 July 2022.

With the partnership, federal Bank became the first one in India to be registered under Tin 2.0 platform of Income Tax Department.

Tax Information Network (TIN) is an initiative by the IT Department or the modernisation of the current system for collection, processing, monitoring and accounting of direct taxes using information technology. Also, TIN is a repository of nationwide tax related information, and has been established by Protean eGov Technologies Limited on behalf of IT Dept.

With PTI inputs. 

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