PhonePe, the digital payments platform, has introduced a new feature called “Income Tax Payment” that allows taxpayers to pay self-assessment and advance tax directly within the PhonePe app. This partnership with PayMate eliminates the need to log in to the tax portal, making the process more seamless for users. It’s important to note that while users can pay their taxes using this feature, they still need to follow the instructions to file an ITR separately. To pay taxes using PhonePe, users can follow these steps:
1. Open the PhonePe app on their Android or iOS device.
2. Go to Financial Services & Taxes.
3. Select Income Tax and have all relevant documents, such as PAN details and tax details, ready.
4. Choose the type of tax payment, assessment year, and other important details.
5. Enter the tax amount, and the taxes will be paid to the department within 2 days.
Users also have the option to pay taxes using their credit card or UPI, with additional benefits such as an interest-free period and the possibility of earning reward points on tax payments, depending on their bank. The deadline for filing income tax returns (ITRs) for the assessment year 2022-23 is approaching, and taxpayers should ensure they file on or before Sunday, July 31, as there won’t be any extensions granted. Late ITR submissions are considered belated and may attract penalties. PhonePe, based in Bangalore, India, offers financial services and digital payments. It was founded in 2015 and acquired by Flipkart in 2016. With over 250 million registered users, PhonePe holds a market-leading 40% share in UPI transactions.
A Comprehensive Guide to Paying ITR via the App in Easy Steps
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