Aimed at retail assesses, state-owned Corporation Bank will offer income tax returns filing facility through its 1000-plus strong ATM network spread across the country, a top company official said.
“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.
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 assesses, who account for around 65 per cent of all income tax payers,” Corporation Bank General Manager (New In itiatives) B R Bhat said.