Mumbai, May 15, 2017

The Reserve Bank today issued an advisory asking taxpayers to pay their dues well on time to avoid last-minute rush. In a statement, the central bank said it is observed that the rush for remitting income tax dues through the RBI has been far too heavy towards the end of June every year.

Consequently, the people are required to wait in queues for long periods unnecessarily, the apex bank said, adding this happens despite providing additional counters to the maximum extent possible for the purpose. “To obviate the inconvenience involved, assesses are advised to avoid last minute rush by remitting their income tax dues sufficiently in advance of the due date,” the RBI said.

In addition, taxes can be paid at select branches of 29 banks at Mumbai and a large number of these banks have also provided facilities for online payment of dues, it added. “The assesses may take advantage of these arrangements for their convenience,” the central bank said.

The due date for first instalment of advance tax for the assessment year 2018-19 is June 15. The due date for filing return in respect of securities transaction tax for the financial year 2016-17 is June 30.

While, July 31 is the due date for filing annual return of income for the assessment year 2017-18 for all assessees other than corporates and partnership firms.

[The Financial Express]