And with the ITR filing season in full swing and the rise of fintech companies PhonePe and JioFinance, the companies have already launched their own digital tax filing services starting at just ₹24.
The move is to simplify tax compliance for millions of Indian taxpayers, salaried employees, freelancers, professionals, and small business owners, by providing an easy-to-use filing experience directly through their mobile applications.
Services Powered by TaxBuddy
Both PhonePe and JioFinance have teamed with TaxBuddy, a digital tax compliance tool for tax compliance, to provide a wide range of tax-related services.
Users can choose between:
- DIY ITR filing for those who want to file their own returns.
- Expert ITR filing, where tax professionals consult with and help with the preparation and submission of returns.
The integration facilitates taxpayers completing the entire filing process without having to go to more than one website or go to another service provider to do it.
More than ITR
Moreover, both platforms have various tax management tools for financial planning, as well as income tax returns filing.
These include:
Tax planning assistance
Income tax deduction calculators
Tax-saving recommendations
GST compliance support for businesses and professionals
Expert guidance on tax-related queries
The objective is to provide users with an end-to-end tax compliance ecosystem within a single app.
Affordable pricing to reach more Taxpayers
At ₹24, the new solutions are amongst the cheapest digital tax filing options in the market today.
The low-cost pricing strategy will help first-time taxpayers and those with relatively simple tax returns to file their ITRs online more easily.
Premium plans with more features - expert consultation and complex return filing - will also be available depending on users' needs.
Digital Tax Filing Continues to Grow
India has been seeing remarkable growth in digital tax compliance in the last few years due to smartphone penetration, easy tax filing processes, and the government’s steps to promote digital financial services.
With the entry of the big fintech platforms PhonePe and JioFinance in the online tax filing space, taxpayers will have more options, and pricing will be competitive.
Industry experts say such integrations will further strengthen financial inclusion by making professional tax services available to a wider audience.
Benefits for Taxpayers
The new services will help users:
- File income tax returns quickly and securely.
- Reduce errors through guided filing.
- Identify eligible deductions and exemptions.
- Access expert support when needed.
- Manage both income tax and GST compliance from one platform.
When tax filing is due in the first few weeks, these affordable services will give people and businesses a lot more time and less work for compliance.
Taxpayers should check the suitability of the filing plan based on their income sources, tax complexity, and eligibility. Those with multiple income streams and complex financial activities may benefit from professional tax advice.
