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Do it from here: https://eportal.incometax.gov.in/iec/foservices/#/e-pay-tax-prelogin/user-detailshow can I get cb from income tax chalan payment
What tax: Income tax? If it is 8-9L per year then pay 1L every month using Magnus.Any bright ideas for payment of around 8-9L in taxes. Which credit cards still give some amount of rewards and thereby negate the transaction fees
No it's based on ltcg outgo and hence a lump sum payment, preferably in the month of July
Thank you for the time in building a indepth recommendation. This is Awesome !Assumption: 9L to be paid
Axis Magnus: option 1
Full payment in July
25000 ER Milestone
54000 ER for 9L
Net value of ER as Amazon Pay voucher: 15800
Axis Magnus: option 2 (if possible)
1L in June and 8L in July
25000 ER Milestone for June
25000 ER Milestone for July
54000 ER for 9L
Interest lost: 625 (for June prepayment)
Net value of ER as Amazon Pay voucher: 20175 (after accounting for interest loss)
Axis Magnus: option 3 (if possible)
1L in May, 1L in June and 7L in July
25000 ER Milestone for May
25000 ER Milestone for June
25000 ER Milestone for July
54000 ER for 9L
Interest lost: 1250 (for May prepayment) + 625 (for June prepayment) = 1875
Net value of ER as Amazon Pay voucher: 23925 (after accounting for interest loss)
Axis Reserve
Full payment in July
67500 ER for 9L
Net value of ER as Amazon Pay voucher: 13500
If you can do pre-payment and split of taxes, I'd suggest Axis Magnus: option 3 (if possible), with a split of 1L + 1L + 7L in May, June, July
You lose about 625 per month as interest (assuming 7.5% pa) by prepaying 1L but you gain 25K ER points which in the worst case is worth 5K rupees in terms of an Amazon voucher
Thank you for the time in building a indepth recommendation. This is Awesome !
But I don't have a Magnus at the moment. We can always get one if it's benefitting to this extent.
I currently have the following cards:
AMEX MRCC
Axis Flipkart + Airtel
AU Zenith
Citi IOCL Platinum
HDFC Regalia + Neu Infinity
HSBC Platinum
ICICI Plat + Amazon Pay (Emeralde cancelled recently but have pre approval and can get in under a week)
IDFC Wealth + Select
Indus Legend
Kotak Royale
RBL Fun+
SBI Ola
Maybe two or three more lower end cards but these are the cards I currently have. Is it possible to get some value out of them?
You can pay using the Canara bank gateway on the IT portal. Charges: 0.47%+GST so roughly about 0.56%
ICICI APay will give you 1% cashback in your Amazon Pay balance
Axis Flipkart will give you 1.5%
IDFC Wealth should give you a better rate compared to IDFC Select and Axis Flipkart (for larger amounts)
I don't know about any of the others as I don't have them
If you don't want to get a Magnus (I would recommend that you do) then I'd suggest you immediately pay a small amount of tax (1000 definitely works, but try 100/200 first to see if it works) with each of the 3 cards to confirm that you are going to get cashback. Try Wealth first, if you don't get then try Axis Flipkart and last of all try ICICI APay. I'm pretty certain you will get with all 3 but better to verify
@Copycat Best thread I have read in a while. Thanks for taking time out. I would say keep upto 5L for Apay. For 9L card might get blocked. @mad.technomaniacAssumption: 9L to be paid
Axis Magnus: option 1
Full payment in July
25000 ER Milestone
54000 ER for 9L
Net value of ER as Amazon Pay voucher: 15800
Axis Magnus: option 2 (if possible)
1L in June and 8L in July
25000 ER Milestone for June
25000 ER Milestone for July
54000 ER for 9L
Interest lost: 625 (for June prepayment)
Net value of ER as Amazon Pay voucher: 20175 (after accounting for interest loss)
Axis Magnus: option 3 (if possible)
1L in May, 1L in June and 7L in July
25000 ER Milestone for May
25000 ER Milestone for June
25000 ER Milestone for July
54000 ER for 9L
Interest lost: 1250 (for May prepayment) + 625 (for June prepayment) = 1875
Net value of ER as Amazon Pay voucher: 23925 (after accounting for interest loss)
Axis Reserve
Full payment in July
67500 ER for 9L
Net value of ER as Amazon Pay voucher: 13500
If you can do pre-payment and split of taxes, I'd suggest Axis Magnus: option 3 (if possible), with a split of 1L + 1L + 7L in May, June, July
You lose about 625 per month as interest (assuming 7.5% pa) by prepaying 1L but you gain 25K ER points which in the worst case is worth 5K rupees in terms of an Amazon voucher
Thank you. I'll try to work with thatYou can pay using the Canara bank gateway on the IT portal. Charges: 0.47%+GST so roughly about 0.56%
ICICI APay will give you 1% cashback in your Amazon Pay balance
Axis Flipkart will give you 1.5%
IDFC Wealth should give you a better rate compared to IDFC Select and Axis Flipkart (for larger amounts)
I don't know about any of the others as I don't have them
If you don't want to get a Magnus (I would recommend that you do) then I'd suggest you immediately pay a small amount of tax (1000 definitely works, but try 100/200 first to see if it works) with each of the 3 cards to confirm that you are going to get cashback. Try Wealth first, if you don't get then try Axis Flipkart and last of all try ICICI APay. I'm pretty certain you will get with all 3 but better to verify
My Apay has 10L limit and it will be a legitimate government tax transaction. Any particular reason on why they'll block the card@Copycat Best thread I have read in a while. Thanks for taking time out. I would say keep upto 5L for Apay. For 9L card might get blocked. @mad.technomaniac
Thank you. I'll try to work with that
My Apay has 10L limit and it will be a legitimate government tax transaction. Any particular reason on why they'll block the card
I tried Canara gateway as it mentioned 0.47%+GST. But they are cheating people. When I calculated at the final page, it turned out to be 0.99%+GST. I cancelled transaction immediately, as I do not want to transacts using cheater's gateway.You can pay using the Canara bank gateway on the IT portal. Charges: 0.47%+GST so roughly about 0.56%
ICICI APay will give you 1% cashback in your Amazon Pay balance
Axis Flipkart will give you 1.5%
IDFC Wealth should give you a better rate compared to IDFC Select and Axis Flipkart (for larger amounts)
I don't know about any of the others as I don't have them
If you don't want to get a Magnus (I would recommend that you do) then I'd suggest you immediately pay a small amount of tax (1000 definitely works, but try 100/200 first to see if it works) with each of the 3 cards to confirm that you are going to get cashback. Try Wealth first, if you don't get then try Axis Flipkart and last of all try ICICI APay. I'm pretty certain you will get with all 3 but better to verify