Now, account holders of the state-run Union Bank of India can pay their income tax through the bank's network of 2,600 ATMs.
'Implementation of income tax payment on ATMs will go a long way in providing easier tax administration for both government and tax payers,' Minister of State for Finance Namo Narain Meena said after launching the facility here Thursday.
He said government was committed to leveraging advance technology to bring greater transparency and accountability in handling financial resources.
With core banking technology enabling anywhere branch banking across the country, it has become possible to ensure real time transfer of funds and monitor their utilization on an ongoing basis, the minister said.
Currently Union Bank has a network of 2,600 ATMs and a card base of 6.5 million.
The bank is extending a variety of online tax payment services, including direct taxes, central excise, service tax and customs.
Customers with Union Bank debit card desirous of availing the facility have to register once their details on the bank's web portal. The permanent account number (PAN) and tax deduction account numbers (TAN) are validated by the website using the NSDL site.
'When customers log in to the ATM and select the Income Tax menu, it will display the PAN number and will ask them to input the Income tax amount with education cess, item wise details of any other amount they want to include in the tax payment,' the finance ministry said in a statement.
'On confirmation, the tax amount will be debited from their account and the customer will be issued receipt containing Challan Identification Number,' it said.
The bank has one focal point branch for all electronic direct tax payments. Payments of income tax are pooled at a focal point branch and remitted to the government.
Regards
R SHRIRAM
CAclubindia
