Want to save addl income tax? This new app will save you whopping Rs 46,800

What if you could save an additional Rs 46,800 in taxes? Well, the latest solution by one of India's fastest growing payments platforms, PhonePe offers exactly that. On Thursday, PhonePe announced the launch of a Tax Saving solution for its customers which allows users to save up to Rs 46,800 in taxes in just a few minutes on the PhonePe app. This amount would be saved by investing in tax savings funds also known as ELSS or Equity Linked Savings Schemes. The amount put in these funds is eligible for tax saving under Section 80C of the income tax. 

Hemant Gala, Head Payments, Banking & Financial Services said that the  company is excited about the launch of its second wealth management product which comes one year after it had launched the Gold. "This time, our focus is on creating simple, innovative solutions aimed at minimizing our customer’s tax burden. Most consumers find buying financial products to be a complicated process today, and we want to help them by making the end-to-end research and purchase journey really simple," he said. 

Follow these steps to invest in ELSS funds using PhonePe app:

Enter the amount and select the fund to invest in:

Complete the one-time digital KYC:

Make payments using a UPI-linked bank account and get an instant receipt:

"The Government of India has created many attractive tax-savings opportunities that every Indian citizen should be availing. Yet most of us don't leverage these opportunities to the fullest extent. PhonePe’s Tax Saving product is an excellent way for millions of Indians to quickly save thousands of rupees in just a matter of minutes. This can be done instantly anytime, anywhere and in a completely paperless manner. We are confident that our 100 million user base will see tremendous value in this product," said, Terence Lucien, Head - Mutual Funds, PhonePe.