DBS Bank India has announced the launch of its direct tax payment facility, following authorisation from the Central Board of Direct Taxes (CBDT).
The bank will now be able to collect direct tax payments on the TIN 2.0 platform, adding to its existing capability to collect Goods and Services Tax (GST) payments.
Customers can conveniently make payments for Income Tax, Advance Tax, Self-Assessment Tax, Capital Gains Tax and Tax Deducted at Source (TDS), directly from their bank accounts.
With the wider adoption of digital infrastructure such as the TIN 2.0 portal, the environment for tax compliance has become more enabling by improving the ease of making payments and reducing the likelihood of operational errors.
DBS Bank India will now facilitate direct tax payments through its digital banking platforms: digibank by DBS for retail customers and DBS IDEAL, the online business banking platform for companies of all sizes, ranging from SMEs and mid-sized businesses to large corporates and MNCs.
The launch follows the Agency Bank authorisation granted to DBS Bank India by the Reserve Bank of India (RBI), further strengthening the bank’s role in leveraging digital public infrastructure to provide intelligent, intuitive banking solutions.
Tax payments can be made digitally through internet banking or via NEFT/RTGS using DBS digital platforms, or completed in person at select DBS branches. Customers can complete statutory tax payments with real-time confirmation, challan generation through the TIN 2.0 system and enhanced visibility of payment status, which is particularly useful for those managing recurring or high-volume tax transactions.
DBS is a leading financial services group in Asia with a presence in 19 markets. It is headquartered and listed in Singapore. DBS Bank has been present in India for more than 30 years. It had opened its first branch in Mumbai in 1994.
