It should be noted that using this new PhonePe feature, taxpayers may only pay their taxes; they cannot file them.
New Delhi: PhonePe, a digital payments platform, has partnered with PayMate, a leading digital B2B payments and service provider, to allow users to pay their income tax returns on the PhonePe app. This new feature, called “Income Tax Payment,” 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, making the process of paying taxes more seamless for users.
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Statement From PhonePe
“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.” Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe was quoted as saying on India Today.
How To Pay Taxes Using Phonepe
- Open the PhonePe app on your android or iOS.
- Go to Financial Services & Taxes
- Select Income Tax
- Have all important documents like PAN Details & Tax Details ready.
- Select type of tax payment, assesment year and other important details.
- Enter the amount of tax and the taxes will be paid to the department within 2 days.
Pay Taxes Using Credit Card or UPI
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On Monday, PhonePe unveiled its newest functionality, enabling users to conveniently pay their taxes using either their credit card or UPI. Due to the 45-day interest-free period and the possibility of earning reward points on tax payments, depending on the user’s bank, this function has additional advantages for credit card payments.
It should be noted that using this new PhonePe feature, taxpayers may only pay their taxes; they cannot file them. Users must still follow the instructions in order to file an ITR, the report said.
ITR 2022-23
The last date for filing income tax returns (ITRs) for the assessment year 2022–23 is fast approaching, and many taxpayers are still scrambling to meet the deadline. However, for those who have already filed their ITRs, the income tax department has begun the process of sending refunds to those who are eligible.
Penalty For Failing to File an ITR by the Deadline
A taxpayer must make sure that their ITR is submitted on or before Sunday, July 31, as the government has made it plain that there won’t be any extensions to the filing date. Belated ITRs are those that are submitted after the deadline has passed.
PhonePe About:
Based in Bangalore, India, PhonePe is an organization that offers financial services and digital payments. Burzin Engineer, Sameer Nigam, and Rahul Chari created it in 2015. In August 2016, the PhonePe app, which is based on the Unified Payments Interface, went live. PhonePe provides a wide range of services to improve both the payment experiences of regular people and companies.
Additionally, they provide tools that assist users in managing their funds by assisting with investing, paying for services, etc. One of India’s fastest-growing fintech startups, PhonePe was acquired by Flipkart in 2016. By 2020, there were over 250 million registered users, giving it a market-leading 40% share in UPI transactions, as per Workattech.
