Key Points:
- PhonePe gets the ability to pay self-assessment and advance tax.
- The app supports UPI and credit cards for income tax payments.
- It is available for both individuals and businesses.
PhonePe is one of the very popular payment applications in the market of India and the same is coming with the support of UPI, recharges, bill payments, insurance, and more. It is also available on both Android as well as iOS platforms. Now the company has introduced a very useful feature for the individuals and businesses of India and the same will enable users to make the payment of income tax. So let’s check out more about the feature and the steps to make the payment of income tax on the application.
The new feature of the PhonePe application is offering a new ability to the taxpayers of the country and the same will enable you guys to make the payment of income tax in a timely manner. The newly introduced feature is powered by PayMate and the new feature is available for both individuals and businesses. The newly added feature can be used to pay self-assessment and advance tax with just a couple of taps. It is also supporting UPI and credit cards for income tax payments and the company says that credit card users will be getting a 45-day interest-free period and the application will also enable users to earn reward points on payments depending on their bank.
How to Pay Income Tax Using PhonePe?
You can follow the steps which are listed below to execute the purpose on the application.
First of all, you need to update and open the PhonePe app. Then you need to find the Income Tax option under Recharge & Pay Bills section.
Now you need to select your tax payment type, Self-assessment or Advance Tax, and assessment year. Then you need to enter your 10-digit PAN card number for verification.
After that, you need to enter your tax amount and proceed to the payment page.
Now you need to select your preferred mode of payment that includes UPI or credit card and wait for the payment successful message on the app.
PhonePe says users will receive a Unique Transaction Reference (UTR) number within one day of the successful tax payment. It will take up to two working days for the tax payment challan number to arrive.
It is worth mentioning that the new feature is meant for making the payment of income tax only and you cannot able to file your income tax returns.
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