How does it work?
1) For a Union bank debit card holder, you will register at the bank’s website
2)This site is in turn linked to the National Securities Depositories Ltd which will help validate the permanent account number (PAN) of individuals and the Tax Deduction Account Number (TAN) provided to taxpayers.
3)On successful registration you can go to the ATM (currently Union Bank ATM only) and access Income Tax menu
4) It will display his PAN number and ask for the tax amount that is to be paid along with item-wise details of any other amount the assessee may want to include in the tax payment.
5)Select the relevant challan no. and amount of tax, interest amount (if any)
6)On confirmation, the tax amount will be debited from the customer’s account and the ATM will generate a receipt with a special number. After 24 hours, customers can log on to the bank’s website, submit the special number and print a challan.
Individuals can make payments related to income tax, advance tax, self-assessment tax. If all your taxes are being paid through TDS and you don’t have anymore to pay then you need not worry it. A lot of people have to pay self assessment and advance tax by the end of every quarter. Presently they go to banks before the deadline, stand in queue, fill up relevant form and pay up the taxes.
More banks are expected to follow this method soon.