The government has recently come up with a convenient way to pay your income taxes. Just walk over to the nearest ATM, pay your taxes and you are done. You don't need to fill lengthy forms or stand in queues.
It will be available 24x7 and is also saves paper. Currently the scheme has been launched to Union Bank of India customers but it will be extended to other banks soon.
As a debit card holder, you will register at the bank's website
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.
On successful registration you can go to the ATM (currently Union Bank ATM only) and access Income Tax menu
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.
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 then you need not worry about it.
A lot of people have to pay self-assessment and advance tax by the end of every quarter.
Tax Payment should not be confused with filing of income tax returns.
Tax Payment is the actual money you pay to the tax department as per your income.
If you are a salaried person and have no other sources of income then chances are that the tax is being deducted at source (TDS) and being paid by the employer.
Source: http://www.rediff.com
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