Corporation Bank said on Monday it will launch a facility for payment of Income Tax for the bank's debit card holders through its ATM network from Tuesday.
The service will be available through its 1,000-plus ATMs spread across the country.
"We are offering a service for payment of Income Tax for Corporation Bank debit card holders through our network of 1,000-plus ATMs in the country from August 18," Corporation Bank's chairman and managing director J M Garg said.
"The idea behind this is to make income tax payment easier for individual tax-payers. It will also reduce dependence of our customers on CAs and Income Tax consultants," Garg said.
The bank has received an approval from the Central Board of Direct Taxes for this facility in the country.
"It (payment of income tax through ATMs) will improve tax compliance," Garg said.
The bank's debit card holders would also be able to pay education cess, surcharges and advance tax through ATMs.
"Unlike corporates, which have to mandatorily pay income tax online, retail assesses prefer paying physically. We want to cater to these retail assesses who account for around 65 per cent of all income tax payers," Corporation Bank general manager (new initiatives) B R Bhat said.
