PhonePe Introduces New Option to Facilitate Income Tax Payments
PhonePe, the digital payments and fintech platform, has introduced a new feature on Monday that allows users to conveniently pay their income tax through its mobile application.
Individuals and companies can pay self-assessment and advance tax through UPI or credit card through the app without logging into the income tax portal, PhonePe said.
The amount is credited to the tax portal within two business days.
Users can pay taxes by logging into the app and selecting the income tax icon. After that, they have to select the type of tax to be paid, tax year and permanent account number (PAN). After entering the total tax amount, users can pay using the payment method of their choice.
Taxpayers will receive a Unique Transaction Reference (UTR) number as acknowledgment within one working day of payment of tax, while payment lookup will be available within two working days, it added.
Niharika Saigal, Head of Bill Payment and Recharge Business at PhonePe said, “Paying taxes can often be a complex and time-consuming task, and PhonePe now offers its users a hassle-free and secure way to fulfill their tax obligations… this will change the way our users pay their taxes as we have now made the process simple and easy.”
PhonePe has partnered with digital B2B payment service provider PayMate to enable the feature.
Started in 2015, the Walmart subsidiary was recently spun off from its e-commerce sibling Flipkart. PhonePe has around 50 million registered users and processes 45 percent of Bharat Bill Pay System (BBPS) transactions. The company became a fintech in 2017 and introduced investment funds and insurance products to the market.
