Paying tax in our country is a very important aspect of anyone falling under the bracket. But do know that you can get rewards on tax payments in some ways. So, today, let’s take a look at some tricks with which you can save money. You can make huge savings by paying income tax through select credit cards.
Meanwhile, in a recent media interaction, Ankur Mittal, co-founder and CTO of CardInsider.com, said, “Only a few credit cards in India offer reward points on income tax. A few select cards, such as HDFC BizBlack and HDFC BizPower credit cards, offer reward points for tax payments. These cards offer rewards and cashback up to 16 per cent and 8 per cent on income tax and GST payments, respectively.”
Mittal further said that apart from these, one can also use other credit cards like SBI Vistara Cards and IDFC Vistara Card, which also offer milestone rewards on payment of income tax, such as SBI Vistara Card and IDFC Vistara Card, where one can get complimentary flight tickets on reaching the milestone.
If one has not filed an income tax return for the financial year 2023–24 (AY 2024–25), then one needs to hurry up. July 31 is its last date. After this, a fine will be charged by the Income Tax Department. If someone does not file an ITR even by July 31, then he is given a chance to file a belated return until December 31, with a penalty.
Apart from that, let’s take a look at some other simple tax-saving tips that you can follow. Individuals must note that the information is for informational purposes only and should not be considered professional advice. You should seek professional advice about your specific circumstances before making any financial decisions.
1. Invest in tax-saving instruments such as the Public Provident Fund (PPF), the National Savings Certificate (NSC), the Equity-Linked Savings Scheme (ELSS), and more. Investing in these instruments can help you save on taxes.
2. Claim deductions: You can claim deductions for various expenses, such as medical expenses, education expenses, and more.
3. Make sure to keep all the necessary receipts and bills to claim deductions.
4. Make use of Section 80C: Under Section 80C of the Income Tax Act, you can claim deductions of up to Rs. 1.5 lakh on investments made in tax-saving instruments such as PPF, NSC, ELSS, and more.
5. Make use of Section 80D: Under Section 80D, you can claim deductions on health insurance premiums paid for yourself, your spouse, and your dependent children.
6. Make use of Section 80TTA: Under Section 80TTA, you can claim deductions on the interest earned on savings accounts up to a maximum of Rs. 10,000.
7. Keep track of your investments: Make sure to keep track of all your investments and claim deductions accordingly.
8. File your tax returns on time: Filing your tax returns on time can help you avoid penalties and also ensure that you don’t miss out on any tax-saving opportunities.
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