HDFC Bank and SBI Cards remain the leaders in the credit card sector. HDFC Bank holds a commanding 22.2% market share in terms of card numbers, while SBI Cards accounts for 18.7%.

Meanwhile, PSU Banks have made significant strides by capturing 72.6% of total card spending. Their average spending per card has reached ₹16,847, reflecting a robust growth of 17%.

On another front, private banks have seen a decline in average spending, which has dropped by 4%, bringing it down to ₹18,948. This shift indicates a potential competitive edge for PSU Banks as they attract more customers.

The increase in credit card usage is notable; last year alone saw an 8% rise in the total number of cards issued. This growth reflects changing consumer behavior and increasing reliance on credit facilities.

To further enhance their appeal, PSU Banks have implemented various measures to attract new customers. These initiatives aim to boost their market presence amidst stiff competition from established private banks.

The current landscape shows that while private banks dominate with approximately 80% of active cards, the rising trend among PSU Banks could change the dynamics of the credit card market significantly.

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Taxpayers should be aware that tax deducted at source (TDS) may still apply to savings interest, freelancing income, fixed deposits, or dividends. This means that even individuals with no taxable income may have some financial activity that necessitates filing an ITR.

“Even with zero tax liability in FY 2025-26, filing an Income Tax Return for AY 2026-27 is a sensible and smart move,” an expert noted. This sentiment is echoed by many financial advisors who emphasize the importance of maintaining a clean compliance history with tax authorities.

Moreover, ITR documentation is often requested by banks and lending institutions as proof of income. This can significantly improve eligibility for personal loans, home loans, and credit cards. As one financial analyst stated, “Such a return can help improve eligibility for personal loans, home loans, and credit cards.”

For those earning up to Rs 50 lakh, the ITR-1 form is available, making the filing process straightforward. Presumptive taxpayers under sections 44AD, 44ADA, and 44AE may also use ITR-4, subject to certain conditions.

Additionally, taxpayers with foreign retirement benefit account disclosures may need to file ITR-2 or ITR-3, depending on their specific circumstances. This highlights the diverse needs of taxpayers and the importance of understanding which form to use.

Filing an ITR also allows individuals to carry forward investment losses for future tax adjustments, providing a financial cushion for the years to come. This aspect of tax filing is often overlooked but can be incredibly beneficial in the long run.

As the filing season for Assessment Year 2026-27 begins, consistent filing of nil ITR is encouraged. It helps build a clean compliance history with tax authorities, which can be advantageous in future financial dealings.

In summary, a nil ITR is not optional; it is a strategic advantage. Taxpayers are urged to consider the benefits of filing, even when no tax is owed, to ensure they are well-prepared for any financial opportunities that may arise.

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