PhonePe has launched the ‘Income Tax Payment’ feature on its app. The 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.
PhonePe has partnered with PayMate, a leading digital B2B payments and service provider to enable this feature. Users can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan for the tax payment will be available within two working days as stated by PhonePe in its press release.
Procedure to pay taxes on the PhonePe app:
· Step 1: Open the PhonePe app homepage and tap on the ‘Income tax’ icon
· Step 2: Select the Type of Tax you would like to pay, the assessment year, and PAN Card details
· Step 3: Enter the total tax amount and pay using the preferred mode of payment
· Step 4: Post successful payment, the amount will be credited to the tax portal within 2 working days.
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.”