Corporation Bank on Tuesday announced the launch of a unique facility for the bank’s debit cardholders for payment of income-tax through the bank’s 1,000-plus ATMs spread across the country.
The idea behind this was to make income-tax payment easier for individual tax-payers. It would also reduce dependence on CAs and income-tax consultants by the bank’s customers, bank’s Chairman and Managing Director J. M. Garg said here on Tuesday.
The bank had received approval from the Central Board of Direct Taxes for this facility. “The payment of income-tax through ATMs will improve tax compliance,” he added.
The bank’s debit cardholders would also be able to pay education cess, surcharge and advance tax through the ATMs. Unlike corporates, which have to mandatory pay income-tax online, retail assesses prefer paying physically.
The bank will cater to these retail assesses who account for around 65 per cent of all income-tax payers.