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Banks open on Sunday for accepting advance tax payment.

As the last date for payment of quarterly advance tax by tax payers falls on Sunday, the finance ministry has decided to open all designated branches of authorised banks on Sunday.

As the last date for payment of quarterly advance tax by tax payers falls on Sunday, the finance ministry has decided to open all designated branches of authorised banks on Sunday.

Reportedly, an official statement from the Finance Ministry stated that all designated branches of authorised banks have been asked to function on September 14 and 15, 2013 (Saturday & Sunday) to accept advance tax payments.

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Simultaneously, Reserve Bank of India also issued a notification stating that with a view to ease collection of advance taxes for income tax and corporate tax and meeting the likely rush of tax-payers, it has been decided in consultation with the Department of Financial Services, Ministry of Finance, Government of India that all agency banks shall keep the counters open on September 14, 2013 and September 15, 2013 of their designated branches conducting government business.

However, if any tax payer fails to pay the advance tax in the given two days, then the person is mandatory to make the payment on September 16, as it is a statutory requirement.

The RBI has designated bank branches of State Bank of India, public sector bank branches, HDFC Bank, ICICI Bank, Axis Bank, IDBI Bank and Kotak Mahindra Bank to collect advance tax payments.

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