PhonePe, the country’s largest digital payment app, has introduced the Income Tax Payment Service on its platform on July 24. This new facility allows both individuals and businesses to easily make self-assessment and advance tax payments without the need to log in to the tax portal.
PhonePe Introduces Income Tax Payment Service
To enable this feature, PhonePe has collaborated with digital B2B payment and service provider PayMate. Taxpayers can opt for credit card or UPI payments for their tax dues. Credit card users will also enjoy an interest-free period of 45 days and can earn reward points based on their respective banks’ policies. After completing the payment, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgment within one working day. Additionally, the invoice for tax payment will be available within two working days, as stated by PhonePe.
Niharika Sehgal Excited about PhonePe’s New Feature
With the deadline for filing Income Tax Returns (ITR) for the assessment year 2023-24 set for July 31, 2023, taxpayers can utilize the PhonePe app for convenient tax payments. The Income Tax Department has confirmed that no further extensions will be granted. As of now, 4 crore ITRs have been filed for the assessment year 2023-24, out of which 3.62 crore have been verified, and 2.13 crore verified ITRs have already been processed.
Niharika Sehgal, Head – Bill Payments & Recharge Business, PhonePe, expressed her excitement about the launch, stating that PhonePe aims to continuously enhance its offerings to cater to users’ changing needs. With the new feature to pay Income Tax through the app, PhonePe provides added convenience and efficiency to its users.
To file Income Tax through the PhonePe app, users simply need to tap on the Income Tax icon on the home page, enter the type of tax, assessment year, and PAN card details, and choose the preferred payment mode by entering the total amount. Upon successful payment, the amount will be credited to the Bharat portal within two working days.
