Economy

Soon, pay your taxes through UPI, mobile wallets, credit cards, says report

Updated : November 18, 2019 12:43 PM IST

The move, the report said, is aimed at improving compliance by simplifying the process of e-payment of taxes.

Currently, e-payment of taxes is limited to net banking and the debit cards of a few banks.

Soon, pay your taxes through UPI, mobile wallets, credit cards, says report

Paying your income tax is likely to become easy soon as the Centre is considering extending the electronic modes of tax payment to its own payments platform, UPI, credit cards of banks, and even a mobile wallet such as Paytm, reported Business Standard.

The move, the report said, is aimed at improving compliance by simplifying the process of e-payment of taxes. Currently, e-payment of taxes is limited to net banking and the debit cards of a few banks.

Confirming the development, Revenue Secretary Ajay Bhushan Pandey told the paper that UPI as a mode of tax payment would be introduced soon. "We are working on this. Today you can pay only through net banking and debit cards. We would definitely like to use UPI. This may be allowed as soon as possible," Pandey was quoted as saying in the report.

"The idea is to give more electronic payment options for tax payment. If it is a small tax amount, it may be convenient for people to even use a mobile wallet," another official was quoted as saying in the report.

Several countries across the globe have already allowed the usage of various types of e-payment options for the payment of taxes.

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