Designated Bank

Tax Glossary Definition

Designated Bank

Designated Bank – A designated bank is an authorized bank branch where taxpayers can pay taxes or receive tax refunds on behalf of the government. These banks are officially approved by the tax authorities to handle such transactions.

Example: Branches of SBI (State Bank of India) or HDFC Bank that accept Challan 280 for income tax payments. Taxpayers can deposit their tax dues at these branches, and the bank forwards the payment to the government.

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