Improvement in technology has brought with it a gush of new ways in which financial transactions could be carried out. Gone are the days when every transaction needed the customer to go to the bank and almost no transaction was paperless in nature.
With technological advances in the form of mobile and internet banking becoming more common with time things have become a lot more convenient for people. The government is also willing to leverage completely on this advancement so as to make better and comprehensive utilization of financial resources.
The new advancement in this field has been the idea to enable income tax payment through ATMs. Tax payment has been made a lot more hassle free this facility setting in. With the inception of this new mode of tax payments, the assesses now no longer need to stand in long queues neither do they need to go through tedious hours of filing long forms.
The facility has been extended initially only to public sector lender, Union Bank of India. The government has said that it would soon be extended to other banks too. The bank has tied up with the Central Board of Direct Taxes (CBDT) in order to provide this service.
The facility was inaugurated by minister of state for finance, Shri Namo Narain Meena. He said that income tax comprises of around 22% of the total revenue earned by the government and thus is an important segment of the financial resources of the government.
Various online tax payment options will be offered by Union Bank of India to its customers including direct taxes, central excise, service tax, customs, DGFT and commercial tax services to State government like U.P., M.P., Rajasthan, Chhattisgarh, A.P., Karnataka, Orissa etc.
How to register with the process?