Federal Bank: 1st to list Payment Gateway on New tax platform

Federal Bank, based in Kerala, is the first bank to get listed its Payment Gateway platform on “TIN 2.0 platform” of the Income Tax Department. TIN 2.0 platform was started on July 1, 2022.

Highlights of the platform include:

  • On the TIN 2.0 platform, a payment gateway gas been opened to provide another payment option to taxpayers.
  • Taxpayers can make their payments with ease, through this platform.
  • They can use modes like Credit or Debit Card, NEFT or RTGS, UPI and Internet Banking to make payments.

Federal Bank Limited:

Federal Bank is an Indian private sector. Its headquarter is in Aluva, Kochi. It has 1,272 branches across India. It also has representative offices in Dubai, Abu Dhabi, Oman, Qatar, and Kuwait. It has remittance arrangements with over 110 Banks or Exchange Companies worldwide. It is also listed in the BSE, NSE and London Stock Exchange. It also has a branch in India’s first International Financial Services Centre (IFSC) at GIFT City, Gujarat.

Tax Information Network (TIN):

TIN is an initiative of Income Tax Department of India (ITD). It was started to modernize the current system to collect, process, monitor and take account of the direct taxes through information technology. It is a repository of nationwide Tax related information. TIN was set up by  Protean eGov Technologies Limited.

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