- PhonePe introduces a new feature called ‘Income Tax Payment’.
- The feature will allow taxpayers to pay self-assessment and advance tax directly from within the app.
- The feature will allow users to pay taxes using UPI or other available modes of payment.
By Storritalk: It’s that time of the year when all taxpayers are busy assessing their yearly income and finances to fill up Income Tax Returns (ITR). The last date to file and pay ITR for the financial year 2022-23 is July 31. The government has clearly stated that the deadline to file ITR will not be extended beyond this date. To further assist in tax payment, Indian digital payments company PhonePe has introduced a new feature called ‘Income Tax Payment’ on its app.
The new feature allows taxpayers, both individuals and businesses, to pay self-assessment and advance tax directly from within the PhonePe app. This eliminates the need to log in to the tax portal, aiming to create a seamless experience for taxpayers, as stated by PhonePe. PhonePe has partnered with PayMate, a digital B2B payments and service provider to enable this feature.
PhonePe introduced its latest feature on Monday, allowing users to conveniently pay their taxes using either their credit card or UPI. This feature comes with added benefits for credit card payments, as users can enjoy a 45-day interest-free period and even earn reward points on their tax payments, based on their respective banks.
Notably, through this new PhonePe feature, taxpayers can only pay the tax and cannot file it. So to file ITR users will still need to follow the given details.
Commenting on the announcement, Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said, “At PhonePe, we are committed to continuously enhancing our offerings to meet the evolving needs of our users. We are thrilled to announce the launch of our latest feature, the convenience of paying income taxes on the PhonePe app itself. Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfill their tax obligations. We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy.”
How to pay Income tax on PhonePe
Here’s how users can pay their taxes in just 3 simple steps on the PhonePe app:
- Open the PhonePe app on your iPhone or Android smartphone.
- On the homepage find and tap on the ‘Income tax’ icon.
- Next, select and add the Type of Tax you would like to pay, the assessment year, and PAN Card details.
- Enter the total tax amount and select the preferred mode of payment.
- Post successful payment, the amount will be credited to the tax portal within two working days.
PhonePe further notes that after making the payment, taxpayers will promptly receive an acknowledgement in the form of a Unique Transaction Reference (UTR) number within one working day. Furthermore, the tax payment challan will be made available to users within two working days, ensuring a smooth and efficient tax payment experience.