Corporation Bank on Tuesday launched a facility for its customers to pay income tax through its ATMs. The Mangalore-based bank said half of its 40-lakh debit cardholders would be able to avail of the facility by the end of March 2011.
To avail the facility, all that an individual needs to do is to register with the ba-nk with PAN/TAN along wi-th other basic information.
The remaining formalities for filing of tax can be completed through an ATM. The facility of filing of inc-ome tax through ATMs is likely to provide an alternative platform for those who file e-returns.
At present, it is mandatory for firms and individuals having an annual income of more than Rs 10 lakh to file taxes online.
The facility would not only prove beneficial for our existing customers, but also to the estimated 2 cr-ore individual tax payers as it would provide a facility which no other banks offer, said JM Garg, CMD, Corporation Bank.
Central Board of Direct Taxes chairman SSN Mu-rthy said, The new facility would make filing of taxes hassle-free and help improve direct tax collection.
Murthy said the income tax department is confident of meeting the revised target of Rs 400,000 crore direct tax collections despite drought conditions.