1] Corporation Bank became the first Bank in the Industry to start a revolutionary initiative of accepting Income Tax through its 1035 plus ATMs. To take away the hassles and enhance the taxpayers' convenience, Corporation Bank has launched today a special product enabling registered assessees to pay their taxes through CorpBank ATMs.
2] The facility was formally launched by Shri Ashok Chawla, Finance Secretary, Ministry of Finance, Government of India at New Delhi, today. Shri S. S. N. Moorthy, Chairman, Central Board of Direct Taxes, New Delhi was the Guest of Honour. Shri J.M.Garg, Chairman & Managing Director, Shri Asit Pal, Executive Director and the General Managers of the Bank were present on the occasion.
3] Presently, it is mandatory for all the Corporate Assesses and all those Assessees to whom provision of Section 44AB of Income Tax Act 1961 is applicable to make online payment of Taxes. Apart from them there are a large number of individual tax players [estimated to be 20 million] who pay taxes in India. This innovative effort is to reach them, who at present are paying taxes through physical challans. The Bank has launched this unique convenience service for the taxpayers.
4] The process is very easy, CorpBank customers to avail this facility first need to Register one time, at their Branch with the following details viz., Name & Address of the assessee, Debit card number, PAN/TAN Number, Challan number, Major head code, Minor head code & Sub head if any.
5] After one time registration with the Branch, the customer willing to pay tax will have to go to any of CorpBank ATMs, select ‘LIC / TAX Payment & Others” option in the Main Menu and has to select “Direct Tax Payment” option. The Screen on the ATM will display the details like name, challan number, PAN/TAN number etc., with four assessment years buttons along with Confirm/Cancel buttons. Once confirmed, the customer’s account will be debited and a message conveying, "transaction is successful" which will be displayed on the screen. ATMs will generate an acknowledgement for the tax payment which will contain Challan No, PAN/TAN No, Name, Assessment Year, CIN, Amount, Major Head, Minor Head etc. In case the Tax amount could not be credited due to any reason, transaction amount will be re-credited to customers’ account immediately. In all cases the customer will also get an SMS. The Taxpayer will receive instantaneously e-mail with the tax paid details and the receipt on payment of his tax in the ATM.
6] Corporation Bank is the leader in technology for having enabled various new products and services to the customers by leveraging technology. The Bank has always been in the forefront in bringing technological innovation and supremacy in a convenient and cost-effective way for common man. The Bank has won many National & International awards by doing so. Corporation Bank has provided many 'firsts' to its customers like - Online educational loan for professional courses, Payment of LIC Premium through ATMs and Mobile, National Electronic Funds Transfer [NEFT] through ATMs and Mobile, Application Supported by Blocked Amount [ASBA] for applying IPOs, outreach of Financial Inclusion through Branchless Banking etc., to site a few.
2] The facility was formally launched by Shri Ashok Chawla, Finance Secretary, Ministry of Finance, Government of India at New Delhi, today. Shri S. S. N. Moorthy, Chairman, Central Board of Direct Taxes, New Delhi was the Guest of Honour. Shri J.M.Garg, Chairman & Managing Director, Shri Asit Pal, Executive Director and the General Managers of the Bank were present on the occasion.
3] Presently, it is mandatory for all the Corporate Assesses and all those Assessees to whom provision of Section 44AB of Income Tax Act 1961 is applicable to make online payment of Taxes. Apart from them there are a large number of individual tax players [estimated to be 20 million] who pay taxes in India. This innovative effort is to reach them, who at present are paying taxes through physical challans. The Bank has launched this unique convenience service for the taxpayers.
4] The process is very easy, CorpBank customers to avail this facility first need to Register one time, at their Branch with the following details viz., Name & Address of the assessee, Debit card number, PAN/TAN Number, Challan number, Major head code, Minor head code & Sub head if any.
5] After one time registration with the Branch, the customer willing to pay tax will have to go to any of CorpBank ATMs, select ‘LIC / TAX Payment & Others” option in the Main Menu and has to select “Direct Tax Payment” option. The Screen on the ATM will display the details like name, challan number, PAN/TAN number etc., with four assessment years buttons along with Confirm/Cancel buttons. Once confirmed, the customer’s account will be debited and a message conveying, "transaction is successful" which will be displayed on the screen. ATMs will generate an acknowledgement for the tax payment which will contain Challan No, PAN/TAN No, Name, Assessment Year, CIN, Amount, Major Head, Minor Head etc. In case the Tax amount could not be credited due to any reason, transaction amount will be re-credited to customers’ account immediately. In all cases the customer will also get an SMS. The Taxpayer will receive instantaneously e-mail with the tax paid details and the receipt on payment of his tax in the ATM.
6] Corporation Bank is the leader in technology for having enabled various new products and services to the customers by leveraging technology. The Bank has always been in the forefront in bringing technological innovation and supremacy in a convenient and cost-effective way for common man. The Bank has won many National & International awards by doing so. Corporation Bank has provided many 'firsts' to its customers like - Online educational loan for professional courses, Payment of LIC Premium through ATMs and Mobile, National Electronic Funds Transfer [NEFT] through ATMs and Mobile, Application Supported by Blocked Amount [ASBA] for applying IPOs, outreach of Financial Inclusion through Branchless Banking etc., to site a few.
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