JOIN US“We are offering a service for filing of Income Tax (I-T) returns for Corporation Bank debit card holders through our network of 1,000 plus ATMs in the country. The facility will commence from August 18,” Corporation Bank Chairman and Managing Director J M Garg told PTI.
The Bank has received an approval from the Central Board of Direct Taxes (CBDT) for this ‘first-of-its-kind facility’ in the country.
“The idea behind this is to make income tax payment easier for the individual tax payer. It will also reduce dependence of our customers on CAs and income tax consultants,” Garg said. “It (payment of income tax through ATMs) will improve tax compliance,” he added.
Retail assessees
The Bank’s debit card holders would also be able to pay education cess, surcharges and advance tax through ATMs. “Unlike corporates, who have to mandatory pay I-T returns online, retail assesses prefer paying physically. We want to cater these retail assessees, who account for around 65 per cent of all income tax payers,” Corporation Bank General Manager (New In itiatives) B R Bhat said.
To begin with, around four million Corporation Bank debit card holders would be able to avail this facility, Bhat said. The process involves one time registration which can also be done online by furnishing PAN card details and major or minor sub head code along with name and address as also debit card details, he added.
Once registered, the debit card holder can pay taxes through ATMs, Bhat said, adding the customer would receive an SMS confirmation and an e-mail receipt on completion of the transaction. The bank is also evaluating the possibility of offering a similar kind of facility to debit card holders of other banks, Bhat said.