To make things simpler for Indian taxpayers, PhonePe has implemented a new tool called "Income Tax Payment." Taxpayers can use this to pay their taxes. The deadline for submitting an ITR for the fiscal year 2022–23 is July 31. Users may use a credit card or UPI for this.
Both individual and business taxpayers, i.e., those using PhonePe, an Indian digital payment provider, could pay advance tax. The PhonePe app is extremely well-liked in India, just like Paytm.
No separate login required
The taxpayer won't need to create a second account on the tax portal for this. The introduction of this feature is intended to give taxpayers a smooth experience. This information comes from PhonePe. For this function, PhonePe and PayMate have a partnership. Digital B2B payment and service company PayMate.
Payment by credit card or UPI
Taxpayers can now pay their taxes on Phone Pe using a credit card or a UPI using the features made available on Monday. The interest-free sum on payment with a credit card will be accessible for 45 days.
ITR file not possible
The new PhonePe capability can only be used to pay taxes and not to file ITRs. ITR filing requires the taxpayer to follow a different procedure.
How to pay income tax through PhonePe?
>> Launch the PhonePe app, which is available for iPhone and Android.
>> Select the 'Income tax' option from the app's menu.
>> Choose the tax type, the assessment year, and the PAN card information.
>> Enter the total tax amount after that, and then choose the manner of payment.
>> Within two working days of receiving the payment, it will be credited to the tax site.