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 not a taxpayer. The Income Tax Portal, launched on June 07, 2021, offers a number of benefits to taxpayers, making their tax liabilities easier. In today’s story, we are going to know that if you pay your tax with the help of credit card after filing ITR, then you can avail cashback from it.
Why use credit card?
The option to pay tax using credit card on the Income Tax Portal offers a lot of convenience. It allows instant tax payment without the need for bank transfer or cash transactions. Additionally, it saves you from late fees and interest by enabling you to meet your tax obligations even in situations when you have limited cash.
Also Read: 7 ITR Filing Mistakes You Must Avoid – Or Risk Losing Your Refund and Paying Fines!
Paying your tax with a credit card gives you instant confirmation of your payment. Older methods like check or bank transfer may take time to be assessed, leaving uncertainty as to whether your payment has been confirmed or not. In contrast, payment by credit card gives instant confirmation, which removes any worries.
You can get certain rewards on these cards
Only a few credit cards in India offer reward points on income tax payments. Currently, only a few select cards, such as HDFC BizBlack and HDFC BizPower Credit Cards, offer reward points for 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 use other credit cards that also offer milestone benefits on income tax payments such as SBI Vistara Card/IDFC Vistara Card, where you can get complimentary flight tickets on reaching the milestone.