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Chennai, Feb. 18

IDBI Bank launched an online direct tax payment facility in Chennai today.

Individuals and corporates can make their tax payments (income tax, corporation tax, gift tax) through the Internet.

The assessee is required to log on to the Website of the National Securities Depository Ltd (NSDL), click the tax-payment option and provide the details (name, address and permanent account number).

These details will be validated by NSDL and then the assessee can choose the bank option (in this case, IDBI Bank) to make the payment. The bank debits the customer account after authentication and completes payment of the tax.

A payment reference number is also provided to the assessee for reference purposes.

Online tax collection is a preferred mode abroad. Speaking on the sidelines, Mr D.C. Jain, Head- Government Business Group, IDBI Bank, said that this service would now enable assesses to pay their tax from the comfort of their home or office.

(This article was published in the Business Line print edition dated February 19, 2005)
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