CURRENT AFFAIRS

Detailed explanation-1: -Federal Bank and the Central Board of Direct Taxes have teamed to let taxpayers use the e-filing portal’s e-pay tax function. Taxes can now be paid promptly by anyone. Federal Bank and the Central Board of Direct Taxes have teamed to let taxpayers use the e-filing portal’s e-pay tax function.

Detailed explanation-2: -Federal Bank has partnered with the Central Board of Direct Taxes to assist taxpayers pay through the e-pay tax facility in the e-filing portal. Anyone can now pay taxes instantly through modes such as Debit/Credit Card, UPI, Net banking, cash, NEFT/RTGS etc.

Detailed explanation-3: -Federal Bank has been authorized by Reserve Bank of India, basis recommendation of Controller General of Accounts, Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC.

Detailed explanation-4: -The Reserve Bank of India has authorised South Indian Bankto collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes & Customs (CBIC).

Detailed explanation-5: -The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963. The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. Historical Background of C.B.D.T.