As the deadline for income tax filing draws near, PhonePe, the digital payment and financial technology platform, has introduced a game-changing feature that allows users to pay income tax through their mobile phones.
In an effort to simplify the tax payment process, individual taxpayers and businessmen can now conveniently settle their tax dues via UPI or credit card, without having to visit the Income Tax Portal.
This innovative addition to the PhonePe app aims to streamline tax compliance for millions of users.
Mobile Tax Payment Made Easy: Gone are the days of complex tax payments! Thanks to PhonePe’s latest enhancement, users can now fulfill their tax obligations directly from the app.
The process is simple: log in to the app, select ‘Income Tax’, provide the required details such as tax type, assessment year, and PAN card, and proceed with the payment.
Once the transaction is completed, taxpayers will receive a unique transaction number (UTR) within 24 hours, and the payment challan will be generated within two working days.
This new feature eliminates the need to navigate the Income Tax Portal for advance tax payments, making tax filing a breeze.
Niharika Segal, Head of Bill Payment & Recharge Business at PhonePe, expressed the company’s commitment to simplifying tax payments, stating, “Tax payment has always been a complex process.
PhonePe is now providing an easy way for its customers to meet their tax obligations.” PhonePe has collaborated with a digital B2B payment service provider to facilitate this seamless tax payment experience.
Finance Minister’s Encouraging Updates: In a recent announcement, Finance Minister Nirmala Sitharaman revealed positive trends in income tax filings.
According to her statement in the Lok Sabha, the number of people filing income tax returns during the financial year 2022-23 witnessed a notable increase of 6.18 percent, reaching a total of 7.40 crore filings.
Furthermore, out of these returns, approximately 5.16 crore individuals reported no tax liability.
The Finance Minister also highlighted that India’s gross direct tax collection has surged by an impressive 20.33 percent, amounting to Rs 19.68 lakh crore during the financial year 2022-23.
The introduction of mobile tax payments by PhonePe is expected to further encourage timely tax compliance and contribute to the positive growth in tax collections across the country.
With a user-friendly interface and the convenience of mobile payment options, taxpayers can now fulfill their tax responsibilities effortlessly and contribute to the nation’s progress.
