Users of the PhonePe app can now pay their income taxes through the platform’s partnership with PayMate, a major provider of digital B2B payments and services. Taxpayers may now pay self-assessment and advance tax from within the PhonePe app thanks to this new function named “Income Tax Payment,” which is available to both individuals and corporations. By doing away with the requirement to log in to the tax system, users may pay their taxes more easily.
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How to Use Phonepe to Pay Taxes
1. Open PhonePe on your iOS or Android device.
2. Head over to Financial Services & Taxes.
3. Choose Income Tax
4. Prepare all necessary paperwork, such as your PAN and tax information.
5. Choose the tax payment type, the assessment year, and other crucial information.
6. Enter the tax amount, and the department will receive payment of the taxes within two days.
Using a Credit Card or UPI, Pay Your Taxes
PhonePe’s newest feature, which lets users conveniently pay their taxes using either their credit card or UPI, was launched on Monday. This function has additional benefits for credit card payments because of the 45-day interest-free grace period and the potential for collecting reward points on tax payments, depending on the user’s bank.
It should be noted that using this new PhonePe feature, taxpayers may only pay their taxes; they cannot file them. The study stated that users must still adhere to the guidelines in order to submit an ITR.
It’s getting close to the deadline for submitting income tax returns (ITRs) for the assessment year 2022–23, and many taxpayers are still rushing to make it. However, the income tax division has started the process of distributing refunds to individuals who are qualified for those who have already filed their ITRs.
Penalty for Missing the Deadline to File an ITR
The government has made it clear that there won’t be any extensions to the filing date, so taxpayers must make sure their ITR is turned in on or by Sunday, July 31. ITRs that are submitted after the deadline have been deemed belated.