INDIA'S AXIS BANK LAUNCHES INCOME TAX PAYMENT FACILITY AT ATMS.

MUMBAI, March 1 Asia Pulse - Indian private lender Axis Bank (BSE:532215) has announced it has launched a facility to pay income tax at ATMs.

This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600-plus ATMs across the country, the bank said in a press release issued here.

Axis Bank customers holding ATM/debit cards can use this facility to pay income tax/other direct taxes using Axis Bank ATMs.

India's Central Board of Direct Taxes (CBDT), as a part of its e-Governance initiative to provide more convenience to taxpayers, had advised authorised banks to roll-out the facility to pay tax using ATMs. Axis Bank is the first private sector bank to make this facility available for its large tax-paying customer base.

Axis Bank's executive director-corporate banking, V. Srinivasan, said: "There is a vast segment of retail tax- payers who do not have internet-enabled bank accounts and are thus unable to pay income tax on-line. Axis Bank with its vast ATM network will now be able to cater to these retail assesses who account for a substantial portion of all income tax payers."

This provision will ensure immediate credit of taxes paid to the Government account and is expected to not only improve compliance on part of taxpayer but also substantially reduce paper handling of challans by the banks.

The facility will not only make income tax payment easier and simpler for the individual tax payers but also provide them the convenience of making the payment 24-hours a day--365 days a year, the release said.

(PTI) ry 01-03 1306