Can i pay taxes using Axis magnus and Vistra and get RP?

[manas_rock]

Need to pay advance tax of 40 lakhs in March.
Infinia no longer gives RPs for tax payment.
So, only axis magnus and vistara infiniter are the best cards?
Am I right?

 

[manas_rock]

Now milestone spend is also applicable from first month. Magnus provides renewal fee waiver at 15L spend. So you may pay a bit above 1L per month. Reserve will also be beneficial to you though it has a fee of 50000 but you get equivalent points at joining. Renewal fee is reversed for 25L spend. So it will be good for you. No fee from second year at 40L tax payment itself.

You can use Infinia for all of your non tax regular spends that earn points.

thanks, I also plan to utilize vistara infinite a lot, as it gives 12% reward rate with business class tickets.
And, I would like to travel business without spending a penny. My sector is Del-BLR

 

[satyamkaushik]

Ya, I know that. I don't have any business expenses. Nothing.
Stock trading is all online. Minimal expenses.
Even if I show some expenses somehow, it will still lead to 2x increase in tax bill.

On the expenses side even if the trading is done online, you can claim business expenses of things like the internet/electricity bill you pay, the depreciation of your mobile phone, laptop, car etc.

So basically, you will have to do a comparative analysis of what suits you better. Accordingly, you can choose the approch to follow.

 

[satyamkaushik]

And these base points will get accrued from the first month itself. Right?
Though the milestone award may start from 2nd month only.
I have logged in only in axis mobile app so far.
Do I need to login in other portals like thriwe etc (it shows my mobile no is not yet registered), or can straightaway pay the bills?

Yes the base points will be credited from the first month itself. Infact as per the latest email confirmations taken by a few members on the forum the milestone points will also be considered from the first month itself.

 

[manas_rock]

Yes the base points will be credited from the first month itself. Infact as per the latest email confirmations taken by a few members on the forum the milestone points will also be considered from the first month itself.

Cool, so I can straightaway start using the card as of now? Even though I am not able to register in thriwe as it says my mobile number is not registered.
Received the card 3 days ago. Did small transaction of Rs. 100 today.

 

[satyamkaushik]

Thriwe is a third party and doesn't impact your card usage. You just need to activate the card and you can then start using the card.

 

[shrenuj]

Manas can you confirm if Magnus is giving rewards on tax payments now?

 

[suyashagr]

Manas can you confirm if Magnus is giving rewards on tax payments now?

+1

 

[CARDBITRAGE]

@manas_rock did you face any problems making repeated large transactions to the same payee? Did Axis not flag you for repeated transactions citing commercial usage? And please do keep us updated if IT does come knocking. XD

 

[PiperatGatesofDawn]

@manas_rock did you face any problems making repeated large transactions to the same payee? Did Axis not flag you for repeated transactions citing commercial usage? And please do keep us updated if IT does come knocking. XD

Why will IT coming knocking on your door? What is the IT related crime here?

 

[CARDBITRAGE]

Why will IT coming knocking on your door? What is the IT related crime here?

Because paying your advance tax will be seen as a normal expense as per your card data. So I'm guessing this may get flagged. To put things into perspective let's say your income is 50L. Your tax liability would be around 14L and it will be reported since this is more than 10L. The person in question here claims to be having tax liability in multitudes of lakhs. I personally invest the majority of my income. So 25L invested. So out of 36L, you should be left with 9L. But at first glance, the IT dept will add your credit card expenditure(technically tax payments) and your investments and find some discrepancies. This is not something to fret about, and can easily be clarified.
PS- What I said in my earlier post was obviously a hyperbole! But hope this explains my silly premise.

 

[PiperatGatesofDawn]

Because paying your advance tax will be seen as a normal expense as per your card data. So I'm guessing this may get flagged. To put things into perspective let's say your income is 50L. Your tax liability would be around 14L and it will be reported since this is more than 10L. The person in question here claims to be having tax liability in multitudes of lakhs. I personally invest the majority of my income. So 25L invested. So out of 36L, you should be left with 9L. But at first glance, the IT dept will add your credit card expenditure(technically tax payments) and your investments and find some discrepancies. This is not something to fret about, and can easily be clarified.
PS- What I said in my earlier post was obviously a hyperbole! But hope this explains my silly premise.

No. It’s a terrible explanation. 🙂

IT already know everything they care to know about you because your PAN and Aadhaar are linked everywhere. Your “extravagant” CC tax payments isn’t throwing IT into a tizzy.

 

[momo]

I got a 2nd magnus just so that I can claim 1L milestone on both cards using tax payments. Only 0.5% surcharge is too good for the benefits we get!