New Delhi: The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 is July 31. You can file a belated ITR after the original due date. However, it is always beneficial to file ITR timely to avoid penalty. Filing your ITR promptly ensures compliance and avoids penalties. If you don’t have money then you can also pay your taxes using a Credit Card. There are many benefits of using credit card for Tax payment. Let’s look at them
Paying taxes using a Credit Card?
Paying taxes via credit card offers convenience and immediate payment capability, avoiding late fees and ensuring timely compliance. Payments made with a credit card provide immediate confirmation, eliminating uncertainty compared to traditional methods. This method facilitates faster processing by the tax department, ensuring timely updating of tax records. Credit card payments allow for better cash flow management, leveraging the card’s grace period.
How to pay taxes via Credit Card
You can pay income taxes via credit card on the Income Tax portal by following the process mentioned below:
1. File Income Tax Online: Log in with your PAN on the official Income Tax Department website, select the appropriate ITR form, and review pre-filled information.
2. Generate Challan: After submitting your ITR, generate a challan specifying the tax amount and details.
3. Select Payment Method: Choose the “Credit Card” option under the tax payment section.
4. Enter Credit Card Information: Input your credit card details securely, including card number, expiry date, and CVV code.
5. Confirm Payment: Review all details before confirming the payment to ensure accuracy.
Considerations When Using Credit Cards for Tax Payment
There are few things that you should keep in mind while paying Income Tax via Credit Card
Processing Fees: Credit card payments may incur processing fees from tax authorities or card issuers.
High Interest Rates: Be mindful of high interest rates if the balance isn’t paid off before the due date, potentially outweighing any benefits.
Suitability for Large Bills: For significant tax liabilities, explore other payment methods to avoid high interest charges.
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ITR filing 2024 through credit card: Paying taxes via credit card offers convenience and immediate payment capability, avoiding late fees and ensuring timely compliance. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
