Monday, July 24, 2023

PhonePe Launches Income Tax Payment Feature On Its New App

* Enables users to pay self-assessment and advance tax directly from the PhonePe app

* Users can pay using UPI or credit cards

PhonePe, today announced the launch of the ‘Income Tax Payment’ feature on its app. The feature allows taxpayers, both individuals and businesses to pay self-assessment and advance tax directly from within the PhonePe app. This eliminates the need to log in to the tax portal, creating a seamless and efficient experience for taxpayers.

PhonePe has partnered with PayMate, a leading digital B2B payments and service provider to enable this feature. Users can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get a 45-day interest-free period and earn reward points on their tax payments, depending on their bank. Once the payment has been made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgement within one working day. The challan for the tax payment will be available within two working days.

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’s how users can pay their taxes in just 3 simple steps on the PhonePe app:

Step 1: Open the PhonePe app homepage and tap on the ‘Income tax’ icon

Step 2:  Select the Type of Tax you would like to pay, the assessment year, and PAN Card details

Step 3: Enter the total tax amount and pay using the preferred mode of payment

Step 4:  Post successful payment, the amount will be credited to the tax portal within 2 working days.

About PhonePe:

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 47+ crore (470+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5+ crore (35+ Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2023 by Trust Research Advisory (TRA).

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