Pay Income Tax through UPI or Credit Card
The Income Tax Department has widened its scope of payment and allowed tax pay through UPI/Credit Card. Also, net banking, debit card, pay at the counter (over the counter), RTGS/NEFT and payment gateway (with sub payment modes such as net banking, and debit card) are also options available now.
This initiative has been taken to reduce the flow of black money and increase the online payment transactions in the nation. In addition to this, making online payment allows some exclusive tax benefits which will surely attract a large number of taxpayers in the country. Pay income tax online and get all the benefits from the income tax in India.
Tax Benefits of Online Tax Payment
Here are some of the tax benefits provided to all taxpayers who file their income tax returns or any other returns using a credit card:-
- Provide an immediate acknowledgment of remittance shall be allowed to users making income tax payment online or filing the challan online
- A reduction of 1% to 2% in VAT will be granted to taxpayers on cashless transactions
- The interchange fees on credit/debit cards will be standardized across the nation for better adaptability
- Taxpayers are allowed to remit taxes on behalf of the firm, company
- Banks charge a Merchant Discount Rate (MDR) to merchants for accepting payments through credit/debit. However, the government has planned to reduced the MDR in order to increase the payment through credit card
- To enhance more online transactions, government has decided to provide a tax rebate to all the taxpayers who have performed up to 50% of their transactions through cashless mode.
This was all regarding the new update by the Income tax. Stay connected with EAdvisors to get all the new and latest updates direct from the Income tax department. For any query, reach us at our mail so that we can help you with the best possible way. We are not only business services providing company but also a team of genuine experts who can help you with resolving your queries.
