Income Tax News: Using a credit card to pay taxes on your income tax return (ITR) for the fiscal year 2023–2024 can be a practical choice. Here is a detailed step by step process of how to accomplish it:
Register on the Income Tax e-Filing Portal
Register first on the e-filing portal of the Income Tax Department. You can safely file your taxes online with this link.
Login to Your Account
After registering, use your login information to access your account on the e-filing platform.
Navigate to ‘e-Pay Tax’
Find the ‘e-Pay Tax’ option on the portal dashboard and click on it. This will take you to the gateway for paying taxes.
Choose Credit Card as Payment Method
Choose ‘Credit Card‘ as your desired mode of payment from the list of choices.
Enter Payment Details
Carefully enter your credit card number, expiration date, CVV, and name of the cardholder.
Authenticate the Payment
Proceed to use the secure gateway that the portal has provided to authenticate the payment.
Receive Payment Confirmation
You will get an authentication confirmation once your payment has been successfully made for taxes. For your records, this is proof of payment.
Save Payment Acknowledgment
For future use, it is imperative that you print or keep the payment acknowledgment receipt.
Benefits of Using Credit Card for Paying Tax
Convenience: You can pay your taxes from any location with internet access by using a credit card, which makes the process quick and simple.
Cash Flow Management: By spreading out your tax payments over time rather than all at once, you can lessen your financial load.
Earn incentives: It can be advantageous to use the cashback or point incentives that many credit cards offer for making purchases, including paying taxes.
Establish Credit History: Paying taxes on a regular basis with a credit card can raise your credit score by indicating that you have been a diligent taxpayer.
Preservation of Emergency Funds: By using a credit card, you can keep funds on hand for unexpected expenses while still paying your taxes on schedule.
Using credit card for paying Income Taxis not only makes things easier, but it also offers extra financial advantages.
