Pay earnings tax utilizing PhonePe app’s new characteristic. Here’s learn how to do it

Income Tax Day 2023: Submitting earnings tax generally is a clear problem for many individuals due to its lengthy course of. Easing the method, fintech agency PhonePe, launched its ‘Income Tax Payment’ app characteristic on Monday.

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

With this characteristic, taxpayers, be it people or companies, can simply pay self-assessment and advance tax instantly from inside the PhonePe app. All this can be attainable with out the necessity to log in to the IT portal. Amid individuals complaining of technical snags on the web site, this characteristic is not going to solely present an alternate of tax submitting but in addition cut back load on the web site.

Income tax characteristic: PhonePe companions with PayMate

The firm has partnered with PayMate, a digital B2B funds and repair supplier to allow this characteristic. Under this facility, customers pays their earnings tax by utilizing bank card or UPI. On credit-card funds, customers will get a 45-day-interest-free interval and reward factors on their tax funds. Reward coverage varies for various banks. 

Also Read: Income tax information: How the income on redemption of ULIP insurance policies are taxed?

After the completion of the fee, taxpayers will obtain a Unique Transaction Reference (UTR) quantity as a proof of tax fee. The UTR can be obtainable inside a day, whereas the challan is generated inside two working days.

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

 “We are thrilled to announce the launch of our newest characteristic, the comfort of paying earnings taxes on the PhonePe app itself. Paying taxes can usually be a posh and time-consuming activity, and PhonePe is now providing its customers a hassle-free and safe method to fulfill their tax obligations,” stated Niharika Saigal, Head of Bill Payments and Recharge Business at PhonePe.

How to pay taxes with the assistance of PhonePe

-Download and set up PhonePe app.

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

-Choose the kind of tax you wish to pay, the evaluation yr.

-Enter your PAN Card particulars.

-Enter the whole tax quantity and pay utilizing the fee mode of your alternative.

-After the profitable fee, the quantity can be credited to the tax portal inside two working days.a Read

Catch all of 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

Updated: 24 Jul 2023, 03:21 PM IST