Financial Daily from THE HINDU group of publications
Saturday, Jan 26, 2002
Financial Daily from THE HINDU group of publications Saturday, Jan 26, 2002 |
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Money & Banking
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Public Sector Banks Corpn Bank `loans' for I-T payment Our Bureau
MANGALORE, Jan. 25 CORPORATION Bank is launching a scheme for financing individuals to pay their personal income-tax. The scheme — Corp Kar Suvidha — is open to individuals with income-tax payment obligations having a regular/assured income and will provide up to a maximum of Rs 50,000. The `loan amount' will be assessed based on the estimation/assessment of the income-tax payable by the individual and will be disbursed by direct credit to the Income-Tax Department. According to a press release issued here on Friday, the loan is repayable in 10 equated monthly instalments. Graded instalments would also be considered based on the periodicity and income level of the borrower. The loan is available at 11.5 per cent and no margin need be maintained on the total income-tax payable by the assessee. The loan shall be fully secured by way of `tangible securities' such as NSCs and LIC policies. The scheme, which is available at all the branches of the bank, is expected to gain importance in the backdrop of the recent directives of the Ministry of Finance bringing most perquisites within the purview of income-tax.
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