Credit card
The last date to file Income Tax Return (ITR) for the financial year 2023-24 is July 31. There are many benefits of filing your ITR form on time, even if you are a non-taxpayer. The Income Tax Portal, launched on June 07, 2021, provides various benefits to taxpayers, thereby simplifying their tax obligations. In today’s story, we are going to know that if you pay your taxes with the help of a credit card after filing ITR, you will be able to avail the benefit of refund.
Why use a credit card?
The option to pay taxes by credit card on the Income Tax Portal provides great convenience. It allows instant tax payment without the need for bank transfers or cash transactions. In addition, it saves you late payment fees and interest, allowing you to meet your tax obligations even in situations where you have limited cash.
When you pay your taxes by credit card, you get instant confirmation of your payment. Older methods, such as check or wire transfer, can take time to clear, leaving you unsure whether or not your payment has been confirmed. In contrast, making payments by credit card provides instant confirmation, eliminating any worries.
Rewards are available on these cards.
Only a few credit cards in India offer reward points on income tax payments. Currently, only a select few cards such as HDFC BizBlack and HDFC BizPower credit cards offer reward points on tax payments. These cards offer savings of up to 16% and 8% on income tax and GST payments respectively. Apart from these, you can also avail other credit cards that offer milestone benefits even after paying income tax such as SBI Vistara/IDFC Vistara card where you can get complimentary flight tickets on reaching the milestone.
