Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Money / Personal Finance/  Pay income tax using PhonePe app's new feature. Here's how to do it

Pay income tax using PhonePe app's new feature. Here's how to do it

Phonepe launches income tax payment feature: On the occasion of Income Tax Day 2023, digital payment system PhonePe has launched its online income tax payment service on Monday. Know more about the service and how to use itPhonePe launches its new feature for hassle-free income tax payment

PhonePe has launched its new service to let users pay income taxes with PhonePePremium
PhonePe has launched its new service to let users pay income taxes with PhonePe

Income Tax Day 2023: Submitting income tax can be a clear hassle for many people because of its long process. Easing the process, fintech firm PhonePe, launched its ‘Income Tax Payment’ app feature on Monday.

Also Read: Income Tax Day 2023: Finance Minister Nirmala Sitharaman to lead the celebrations of the day on July 24

With this feature, taxpayers, be it individuals or businesses, can easily pay self-assessment and advance tax directly from within the PhonePe app. All this will be possible without the need to log in to the IT portal. Amid people complaining of technical snags on the website, this feature will not only provide an alternative of tax filing but also reduce load on the website.

Income tax feature: PhonePe partners with PayMate

The company has partnered with PayMate, a digital B2B payments and service provider to enable this feature. Under this facility, users can pay their income tax by using credit card or UPI. On credit-card payments, users will get a 45-day-interest-free period and reward points on their tax payments. Reward policy varies for different banks. 

Also Read: Income tax news: How the profits on redemption of ULIP policies are taxed?

After the completion of the payment, taxpayers will receive a Unique Transaction Reference (UTR) number as a proof of tax payment. The UTR will be available within a day, whereas the challan is generated within two working days.

Also Read: Is there exemption on rent in new regime?

 “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," said Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe.

How to pay taxes with the help of PhonePe

-Download and install PhonePe app.

-Open the PhonePe app homepage and tap on the ‘Income Tax’ icon.

-Choose the type of tax you want to pay, the assessment year.

-Enter your PAN Card details.

-Enter the total tax amount and pay using the payment mode of your choice.

-After the successful payment, the amount will be credited to the tax portal within two working days.a Read

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Jul 2023, 01:37 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App