Paying income tax on time is crucial, but there are ways to save money through strategic methods.
Utilizing Credit Cards for Tax Savings
According to Ankur Mittal from CardInsider.com, select credit cards in India offer significant benefits for income tax payments.
For instance, HDFC BizBlack and HDFC BizPower credit cards provide reward points specifically for tax payments.
These cards can help save up to 16% on income tax and 8% on GST payments.
Milestone Rewards and Additional Benefits
In addition to these cards, options like SBI Vistara Cards and IDFC Vistara Cards offer milestone rewards.
These rewards often include perks such as complimentary flight tickets upon reaching specific spending milestones.
Reward Points on Tax Payments
According to Ankur Mittal from CardInsider.com, certain credit cards in India, like HDFC BizBlack
and HDFC BizPower, provide reward points for income tax and GST payments. This can lead to savings of up to 16% and 8%, respectively.
Important Tax Filing Deadline
It’s essential to note that July 31 is the deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 (AY 2024-25).
Failing to file by this date incurs penalties. If you miss the deadline, you can still file a belated return by December 31, albeit with a penalty.This restructuring retains all the key information while enhancing clarity and readability.
