Axis Bank Launches Income Tax Payment Facility at ATMs Nationwide

Strategic Insights -

Axis Bank, India's third-largest private sector bank, has introduced a facility allowing customers to pay income tax at ATMs across the country. Initially available at select ATMs in major centers, the service will be expanded to cover all 5,600-plus ATMs nationwide. This initiative, backed by the Central Board of Direct Taxes (CBDT), aims to provide convenience to taxpayers, particularly those without internet-enabled bank accounts.

Key Takeaways:

  • Axis Bank customers can use their ATM/debit cards to pay income tax/other direct taxes using Axis Bank ATMs.
  • The facility is expected to improve compliance among taxpayers and reduce paper handling of challans by banks.
  • The provision ensures immediate credit of taxes paid to the government account.
  • The service will be available 24/7, 365 days a year, making it easier and simpler for individual taxpayers to make payments.
  • Axis Bank's executive director-corporate banking, V. Srinivasan, emphasizes the importance of catering to retail tax-payers without internet-enabled bank accounts.
  • The facility will be made available at all 5,600-plus ATMs across the country shortly after its initial launch at select ATMs in major centers.
  • The Central Board of Direct Taxes (CBDT) has advised authorized banks to roll-out the facility to pay tax using ATMs as part of its e-Governance initiative.

Statistics:

  • All 5,600-plus ATMs of Axis Bank will offer the income tax payment facility nationwide shortly after the initial launch.
  • The facility aims to improve compliance among taxpayers and reduce paper handling of challans by banks.
  • The service will be available 24/7, 365 days a year, making it easier and simpler for individual taxpayers to make payments.

Sources:

  • "Axis Bank Launches Facility to Pay Income Tax at ATMs." Asia Pulse, 1 March.
  • Central Board of Direct Taxes (CBDT).