PhonePe Launches Feature to Pay Income Tax Through Its App

Digital funds and fintech platform PhonePe on Monday launched a characteristic to pay revenue tax by way of its app. 

People and companies pays self-assessment and advance tax by way of UPI or bank card through the applying, with out logging into the revenue tax portal, PhonePe stated.

The quantity shall be credited to the tax portal inside two working days.

Customers pays taxes by logging into the app and choosing the “revenue tax” icon. Then, they have to choose the kind of tax to be paid, evaluation yr and Everlasting Account Quantity (PAN) particulars. After coming into the whole tax quantity, customers will be capable of pay utilizing the chosen mode of cost.

Taxpayers will obtain a Distinctive Transaction Reference (UTR) quantity as an acknowledgement inside one working day after paying the tax whereas challan for the cost shall be accessible inside two working days, it added.

Niharika Saigal, Head of Invoice Funds and Recharge Enterprise at PhonePe stated, “Paying taxes can usually be a fancy and time-consuming process, and PhonePe is now providing its customers a hassle-free and safe strategy to fulfill their tax obligations…this can rework the best way our customers pay taxes as now we have now made the method each easy and straightforward.” PhonePe has partnered with digital B2B funds service supplier PayMate for enabling the characteristic.

Began in 2015, the Walmart subsidiary was not too long ago separated from its e-commerce sibling Flipkart. PhonePe has about 50 crore registered customers and processes 45 per cent of transactions on Bharat Invoice Pay System (BBPS). The corporate grew to become a fintech in 2017 and launched mutual funds and insurance coverage merchandise.