Income tax via PhonePe. India’s digital platform PhonePe has launched a new feature to make income tax payment easier. Under this innovative feature, users can pay their self-assessment and advance tax directly through PhonePe. For this you will not need to go to the Income Tax Portal. This is like a big relief for all the taxpayers across the country. This facility has come at a time when people are facing difficulties in filing income tax returns. The last date for filing income tax return for the financial year 2022-23 is 31 July (Income Tax Return Filing Last Date).
PhonePe has joined hands with digital B2B payment service PayMate, through which customers will be given this facility related to income tax. Users can pay their tax through credit card as well as through UPI. Credit card users will also have a big advantage in such a situation that they will get reward points for making payments and also get an interest-free period of up to 45 days. This will happen with credit cards from select banks.
Unique Transaction Reference ID will be generated
After payment, taxpayers will get a Unique Transaction Reference (UTR) ID, which will act as proof of payment. Customers will get their UTR ID within a working day. At the same time, it will take about two days to generate his challan. PhonePe is India’s largest UPI app. It has launched many innovative features in the past. The feature of Income Tax Payment is its latest launch. This startup is taking one or the other step every day in the direction of making financial transactions easier for its more than 40 crore customers.
How to pay tax through PhonePe?
Paying tax through PhonePe is very easy. Users will first have to select the Income Tax icon on the home page of the app. After that you have to choose which type of tax you are paying. You will also have to give information about assessment year and PAN card. After that enter the tax amount and proceed further by choosing the mode of payment. After that the amount of tax paid will be credited on the tax portal within two business days.
Merchant lending service was started a month ago
PhonePe had started Merchant Lending Service on its platform about a month back. Under this, the company will provide loans to its merchants through its technology and its large distribution network through banks and NBFC partners. It will be the responsibility of the banks and NBFCs to give the loan and recover it later. According to the spokesperson of PhonePe, during the pilot project, from May 2023 till the launch of this service, PhonePe had also given about 20 thousand loans.