PhonePe: It’s that time of year again, when every taxpayer is busy analysing their yearly earnings and financial situation in order to complete their income tax returns (ITR). The financial year 2022–2023 ITR filing and payment deadline is July 31. The government has made it quite clear that the ITR filing deadline won’t be extended past this day. Indian digital payments provider PhonePe has added a new function named “Income Tax Payment” to its app to help with tax payments in more ways.
PhonePe’s New Function for Self-Assessment and Advance Tax
Taxpayers can now pay self-assessment and advance tax through the PhonePe app, both for individuals and enterprises. According to PhonePe, this removes the requirement for taxpayers to log in to the tax system in order to provide a smooth experience. To make this function available, PhonePe has teamed with PayMate, a supplier of digital B2B payments and services. On Monday, PhonePe unveiled its newest service, which enables users to easily pay their taxes using either their credit card or UPI. According to their individual banks, users of this function can earn reward points on their tax payments and benefit from a 45-day interest-free period for credit card payments. Notably, taxpayers can only pay their taxes through this new PhonePe service; they cannot file them. Users must still adhere to the instructions offered in order to file an ITR.
Niharika Saigal’s Enthusiasm for New Tax Payment Feature
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.”
Here are the 3 easy steps users can follow to pay their taxes using the PhonePe app:
- Step 1: Launch the PhonePe app on your Android or iPhone device
- Step 2: Locate and tap the “Income tax” icon on the site
- Step 3: Next, choose and include the tax type you want to pay, the assessment year, and your PAN card information
- Step 4: Calculate the total tax due and choose your preferred payment method
- Step 5: Within two working days of a successful payment, the money will be credited to the tax portal
PhonePe Ensures Prompt Confirmation for Taxpayers
PhonePe adds that taxpayers would instantly receive an acknowledgement in the form of a Unique Transaction Reference (UTR) number within one business day after completing the payment, according to the company. Additionally, consumers will have access to the tax payment challan within two working days, guaranteeing a simple and effective tax payment process.
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