How to pay income tax using PhonePe
What's the story
PhonePe has introduced a new feature that allows you to pay income tax conveniently from within its mobile app itself. Individuals and businesses can either pay their taxes through Unified Payments Interface (UPI) or credit card without having to log in through the income tax e-filing portal. Here's a quick guide on how to access the latest PhonePe feature.
Feature
Users to get Unique Transaction Number after payment
Users who make tax payments using credit cards can get certain benefits like reward points and a 45-day interest-free period, depending on their bank's policies. Upon making the payment, users will also get receive a Unique Transaction Reference (UTR) number within one working day. The challan confirming the tax payment will be issued within two working days.
Process
Here's how to pay income tax using PhonePe app
Head to the PhonePe app on your smartphone and click on the "Income Tax" button. Select the type of tax you wish to pay and enter the assessment year corresponding to your payment. You will have to provide your PAN card details for identification. Now, enter the amount and select your preferred mode of payment (credit card or UPI).
Information
PhonePe partnered with PayMate for feature
Once your payment is successful, the amount will be credited to the tax portal within two working days. PhonePe has collaborated with PayMate, a digital B2B payments and service provider, for this new feature.
Official words
'We have now made the process both simple and easy'
"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," said Niharika Saigal, head of Bill Payments and Recharge Business at PhonePe. "We believe that this will transform the way our users pay taxes as we have now made the process both simple and easy," she added.
Advancements
PhonePe introduced UPI Lite for smaller transactions in May
We have seen PhonePe take big strides in expanding its business operations in recent months. In May, PhonePe brought in UPI Lite for smaller transactions of up to Rs. 200. Earlier in April, the company launched a hyperlocal, consumer-focused shopping app called Pincode that offers grocery, food, pharmaceuticals, electronics, home decor, and fashion. PhonePe is reportedly working on its own app store as well.