Facility to file IT returns at City Union Bank branches

Chennai, June 20 (UNI) The 102-year-old Kumbakonam-based City Union Bank (CUB) has come out with a new facility for the benefit of tax payers to file their Income Tax returns.

Addressing a press conference here today, CUB Chairman and CEO S Balasubramanian said from July one, tax payers could walk into any of the 75 branches identified by the bank and file their IT returns, on payment of a nominal fee of between Rs 250 to Rs 300.

'This is a unique service in the banking Industry. We have started it, hopefully other banks will follow suit', he said.

The bank would offer assistance in e-filing of IT returns after it was introduced and also physical filing with the local IT office.

The bank staff would help prepare the IT returns on the spot and electronically transmit them to the IT department, besides arranging for physical filing of returns with the local office.

The governemnt was in the process of setting up help centres in various places to help small businessmen and tax payers to file their returns. CUB, on its part, had come out with this new facility.

Mr Balasubramanian said CUB had emerged as the number one Bancassurance partner of LIC for the south zone for the second year in a row. CUB recorded a business of Rs 39.36 crore through 1,600 policies, posting a first year income of Rs 11 crore.

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