Fintech major PhonePe to enable users to pay tax directly on app
The major fintech company, PhonePe, has launched the “Pay Income Tax” feature in its app to enable taxpayers such as individuals and businesses to pay self-assessment and advance taxes directly from within the PhonePe app, the company announced Monday.
Users can now pay taxes with their credit cards or via UPI.
Users can pay taxes by clicking on the “Income Tax” icon on the PhonePe app homepage. In addition, they can specify the type of tax they will pay, the year of assessment, and the details of the PAN card. Users will then have to enter the total tax amount and pay using their preferred payment method. The amount will be credited to the tax portal within 2 business days after successful payment.
The company has partnered with B2B payments and service provider, PayMate, to make this feature available.
“Paying taxes can often be a complex and time-consuming task and PhonePe now offers its users a secure and hassle-free way to meet their tax obligations. We believe this will change the way our users pay taxes as we have now made the process both simple and easy,” said Niharika Segal, Head of Bill Payments and Recharge Business at PhonePe.
Users get a 45-day interest-free period and earn rewards points with credit card payments, subject to their bank.
The company said that taxpayers will receive a unique transaction reference (UTR) number as an acknowledgment within one business day once a payment is made.
Payment of taxes will be available within two business days.
First published: July 24, 2023 | 11:26 p.m ist