The ‘Income Tax Payment’ option is been launched on PhonePe’s app. Taxpayers may use this function to pay self-assessment and advance tax from inside the PhonePe app, whether they are individuals or corporations. This makes it unnecessary for taxpayers to check in to the tax site, resulting in a simple and effective process.
How tax payments are made using the PhonePe app in 3 easy steps:
Step 1:
Launch the PhonePe app and select the “Income tax” icon from the homepage.
Step 2:
Choose the tax type you want to pay, the assessment year, and your PAN card information.
Step 3:
Type in the total tax due and choose your chosen method of payment.
Step 4:
Within two working days of a successful payment, the money will be deposited to the tax portal.
To make this option available, PhonePe has teamed with PayMate, a top supplier of digital B2B payments and services. Taxpayers have the option of paying using a credit card or UPI. Depending on their bank, consumers who pay their taxes using a credit card may also benefit from a 45-day interest-free period and reward points on their purchases. Taxpayers will get a Unique Transaction Reference (UTR) number as confirmation of their payment within one working day of making it. Within two working days, the tax payment challan will be accessible.
Head of Bill Payments and Recharge Business at PhonePe Niharika Saigal commented on the news, saying, “At PhonePe, we are committed to consistently developing our solutions to match the increasing demands of our consumers. We are excited to announce the release of our newest feature, the ease of filing taxes directly through the PhonePe app. Tax payment may sometimes be a difficult and time-consuming process, but PhonePe is now providing its customers with a simple and safe option to complete their tax duties. Since we have now made the procedure quick and easy, we think that this will drastically change the way our users pay their taxes.
Regarding PhonePe:
PhonePe, which was established in December 2015 and has since grown to be India’s top payments app, promotes both consumer and business digital inclusion. One in four Indians currently use PhonePe, which has 47+ crore (470+ Million) registered customers. Additionally, the company has effectively digitalized 3.5+ crore (35+ million) offline retailers located in Tier 2, 3, and beyond, covering 99% of the nation’s pin codes. With approximately 45% of all transactions on the BBPS platform being processed by PhonePe, the company also leads the Bharat Bill Pay System (BBPS). In 2017, PhonePe entered the financial services industry by offering consumers secure and practical investing choices on its platform,Since then, the company has released a number of insurance and mutual fund products that give every Indian an equal chance to open the doors to the financial system and access to services. According to the Brand Trust Report 2023 published by Trust Research Advisory (TRA), PhonePe has recently been named the Most Trusted Brand for Digital Payments.
