PhonePe, a digital payments platform, has teamed up with PayMate, a leading digital B2B payments and service provider, to enable customers to pay their income tax returns using the PhonePe app. This new function, called “Income Tax Payment,” enables taxpayers, both individuals, and corporations, to pay self-assessment and advance tax from within the PhonePe app. This eliminates the requirement for users to log in to the tax site, making the process of paying taxes more convenient.
Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe said that “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 Taxes Using PhonePe
- Download the PhonePe app on your Android or iOS device
- Go to Financial Services & Taxes
- Choose Income Tax
- Prepare all necessary paperwork, such as PAN and tax information
- Select the type of tax payment, the assessment year, and other necessary information
- Enter the tax amount, and the taxes will be paid to the department within two days
Paying Taxes with a Credit Card or UPI
PhonePe introduced its newest feature which allows customers to simply pay their taxes by credit card or UPI. This function provides extra benefits for credit card payments due to the 45-day interest-free period and the possibility of collecting reward points on tax payments, depending on the user’s bank.
It should be highlighted that taxpayers may only pay their taxes using this new PhonePe service; they cannot submit them. According to the article, users must still follow the guidelines in order to file an ITR.