-
Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.
Biz Black Renewal
- Thread starter athar_007
- Start date
- Replies 13
- Views 1K
Zero renewal benefits for 11800 renewal fee.
Yes
Yes
None in particular. But fee waiver criteria is fairly relaxed, both for first year (1.5L in 90 days) as well as renewals (7.5L in preceding year), considering tax payments are also considered (which in most cases is the only reason one may want this).
Yes.
bing1309
TF Premier
Nothing. No renewal, good for 1 year benefits wise and tax payments purely can push this card to limits (If monthly cap you have then it's best )
Yes both can use simultaneously as both card number are different.
I have spent 1.50 lakh in 90 days. This year is free.
For next year i have to spend 7.5 lakh during this financial year or next financial year ?
By paying 1.5 lakhs in 90 days, you got waiver of "joining fees" and not "renewal fees". You will have to do total spends of 7.5 lakhs (including the 1.5 lakhs+ you have already spent) before the card anniversary date to get waiver on renewal fees.
This card makes sense for high tax spends. By doing 56250 of tax payment a month, you anyway reach 6.75 lakhs in a year. Plus other government spends like property tax, etc will easily take you above 7.5 lakh spends. If you are falling short by little bit, you can pay a little extra advance tax. You get the refund back from government with interest.
Refund from Income tax is with interest only if refund is more than 10% of total tax. Say if your total tax payable is 20 lakh and if you have paid 22 lakh or more, you will get refund. Also, interest is from 1st April of assessment year (not financial year) to date of refund. So, it will benefit only if you are paying more advance in last installment.
Understood the second point. For the first point, I don't agree. I have received even few thousands in refund. According to you, what happens if it's less than 10% of total tax?
He is saying that refund will be there for all if we show excess tax paid while filing returns but to get interest for AY the excess we claim should be grater than 10% of our total tax liability of the FY.
Every year I get refunded with interest which cover gateway charges
Further to add the interest which we received will be taxable as an additional income during current year
So calculate all this things accordingly and plan
mojo_jojo123
TF Legend
do they refund the gst as well or only the base 10,000 fee for first year ?
Kabir_1112
TF Premier
Mostly the fee.
They charge fee after 90 days. No case of refund there
mojo_jojo123
TF Legend
this is good .. thanks for the info ..
Similar threads
