Credit Card Bill Payment through UPI

[Ak Singh]

Actually I was writing in rush due to long post, so whatever figures were there in front of me, I pasted. Normally 10L FD @7.3 RoI compunds at 7.5%. Rs.75000-10%= Rs.67500. But if tax in Nil you will get this 7500 back next year if 15G/H not present in bank cust ID.

My excel file with formulas has two different tables, one is without TDS and other one with TDS. So I took figure of <with TDS> after 4 quarters.

But I hpe you get the idea that anything above 40K/50K attracts TDS without 15G/H. If you fall under taxable limits like me, take this TDS as advance tax payment. 🙂

Bro can you share excel sheet here?

 

[desiviru]

Bro can you share excel sheet here?

Will customize for normal use and post here on Sunday. Remind me if I forget. 🙂

 

[Trust Me]

If you fall under taxable limits like me, ....

I wish ! 🙂

Yes, I know all about the TDS rules, --- having to deal with TDS and advance tax and what not for countless years now!

As they say, there are two certain things in life: taxes, and death. 🙂
.

 

[urais.1044]

• To pay ICICI Bank Credit Card bill simply send money : CCPAY.<16_digit_card_number>@ICICI eg: CCPAY.6528550026779009@ICICI
• To pay Axis Bank Credit Card bill simply send money : CC.91<registered_mobile_no><last_4_digit_of_cc>@AXISBANK eg: CC9198765432109876@AXISBANK
• SBI Card : SBICARD.<16_digit_card_number>@SBI eg: SBICARD.4345667899079843@SBI
• IDFC Bank : <16_digit_card_number>.CC@IDFCBANK eg: 4345667899079843.CC@IDFCBANK
• AU SFB : AUCC<registered_mobile_no><last_4_digit_of_cc>@AUBANK eg: AUCC9198765432109876@AUBANK
• American Express : AEBC<15_digit_card_number>@SC eg: AEBC375567788656743@SC

For SBI, it only works in SBI pay........... Any idea about BoB, HDFC, yes Bank, etc credit cards???

 

[Abhishek012]

For SBI, it only works in SBI pay........... Any idea about BoB, HDFC, yes Bank, etc credit cards???

Use UPI through Billdesk CC billpay website.

Some banks billdesk cc pay - net banking list, scroll down and you will see UPI option.

 

[urais.1044]

The UPI ID method is better. I could just send the ID to someone (who is supposed to pay my bill); but instead i have to send the card number.

 

[ontherocks]

Example, you register 4 cards on BBPS then cumulative amount of all 4 will be reported to ITD....However, if you pay bills individually for each card (separate banks) then individual limit is 10 lakh for reporting to AIS by each bank..

What do you mean by "Register cards in BBPS"? Where exactly do you register them?

 

[ontherocks]

I can't fill 15G as my net income is always taxable.

I thought anyone can submit 15X without any conditions. In plain words, its just an instruction to the bank to not deduct any TDS, instead you take the responsibility to take care of it in your ITR.

 

[desiviru]

I thought anyone can submit 15X without any conditions. In plain words, its just an instruction to the bank to not deduct any TDS, instead you take the responsibility to take care of it in your ITR.

It's not so. As per IT department, if your income from interest and your income from other sources will have Nil Tax in AY, you can fill 15G/15H else you can't. The basic interest income exemeption of 15G/15H is 250000/300000 respectively.

Below 60 Yrs of age, 15G is applicable only if income from FDs is less than 2.5L in one bank and also your net taxable income is below 5L in old regime and 7.75L in new regime. Above 60, 15H is applicable where limit is 3L in all banks. While filing 15G in another bank you have to tell how many 15G and for what amount you have submitted form already.

TDS deduction is good if you have tax liability else you end up paying penalty on due amt if 90% of tax liability is not deposited before March 31st.

Clearing with Example:

You have 2 Lakh as estimated FD income and your own income from salary or other sources is 4L.

As per new regime you can fill 15G but not as per old regime. For old regime you have 50K standard deduction and also you ened to have 50K in 80C then you are eligible for it as your net tax liaiblity will be zero. 200000+400000= 600000-50000(SD)-50000(80C)= 500000 having no tax liaibility.

Senior Citizens have 80TTB deduction upto Rs.50000 of interest income in Old regime so they can have till 6L without any 80C also.

 

[sunit123]

I thought anyone can submit 15X without any conditions. In plain words, its just an instruction to the bank to not deduct any TDS, instead you take the responsibility to take care of it in your ITR.

Bhai..Change your CA immediately

 

[ontherocks]

Bhai..Change your CA immediately

I am not those kind of people who say "my Lawyer ...", "my CA ...", my Doctor ...", etc., because I have none.