UPI Transactions Limit In Income Tax
I saw many people they use many UPI apps. There are many types of UPI apps used on PhonePe, Paytm also, Google and they do many transactions in different ways in all those apps.
Why do they do UPI transactions only for rewards or for 1 to 2% commission or to help someone and there will be some of you who use UPI of your savings account for your business purpose .
Now the time of UPI is going on and many of you must have done this, now suppose one person has to pay to another person, then that payment must have been received in his bank first and you must have paid it later.
In any way, whether in cash or you have paid, if you want to pay to a person, then you are doing it from your bank, or if you want to receive payment, then you can receive money in your bank. are. There is some other money, you are receiving it in your bank and giving it out. UPI Transactions Limit In Income Tax
You must have done this sometime or the other. You think you are doing this either for reward. You will get a cashback of Rs 2 to 5 or you are helping someone. You think so but knowingly unknowingly you are making a big mistake.
You don’t think what effect it will have on income tax. What will be its effect on GST and how will it affect your personal life and at the same time you should also know that whatever online UPI transactions you are doing, whether it is right or wrong. If you transact in a large amount or do a lot of UPI transactions
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What is the problem in actual? UPI Transactions Limit In Income Tax
Three types UPI transactions
Basically there are three types of people who do upi transactions in their savings account in huge amount. UPI Transactions Limit In Income Tax
First of all, those people who do their business transactions in their personal savings account.
Second those people who do transactions of others from their account to get some cashback points or 1 to 2% commission
Third are those people who keep on transferring money from their own bank account to their other bank account,
So we will talk about all three in detail.
Business transactions :
First of all, let’s talk about the people who do their business transactions with their personal savings account, if you are a businessman and all your transactions are done in cash and sometimes you have a couple of customers who come, they want to pay through UPI Or They pay online then you can take money in your savings account, you will not have any problem. UPI Transactions Limit In Income Tax
But if you receive a lot of daily transactions online, there is no limit on this, If you receive more than ₹ 10,000 on average daily, then you must have a current account.
whatever your online payment comes, you can receive it by opening a current account in the name of your business and you will get the transactions of your business. Don’t have to do it in your personal account.
Reward points :
Now let’s talk about those people who help others for some reward points or charge a commission of 1 to 2% and do their transaction from their account.
Or, by taking payment in cash from someone to transfer it someone else and take a commission of one or two percent in between.
Now if he does a transaction of ₹ 50,000, then he will get a commission of two percent, which is ₹ 100. UPI Transactions Limit In Income Tax
To earn 100 ₹, he had to do a transaction of ₹ 50,000 from his account and back if he wants to earn 100 rs, then he will do the same repeat transaction of ₹ 50,000.
Now some people have made it a business. Do transactions and charge a commission of 1 to 2 percent and some people do it as a help i.e. transfer payment from one to another and they don’t even charge
Whatever transaction you make in your account, you should keep filing the details of that transaction in your income tax return from time to time.
You will never get income tax notice and even if you do get notice, you will have complete documents. UPI Transactions Limit In Income Tax
If you have kept the transactions shown in the documents and you have filed the same transactions in ITR, then you will not have any kind of problem.
Transferring money :
Now let’s talk about the third point, if you are transferring money from one of your own account to another account or transferring it to the account of a family member and you are withdrawing that money on the same day, then that transaction will not count.
And if you are transferring money from your own account here and there, then that money is with you. you do not have any extra money coming or going, then you do not have any problem in income tax. UPI Transactions Limit In Income Tax
But if you do transactions in more amount in your account, then the bank can freeze your account on a temporary basis or block those transactions of suspicious value.
For that, you will have to go to the bank again and after submitting KYC, you will have to get your account activated again.
what is the maximum limit of UPI
the maximum limit of UPI is ₹1,00,000
can we increase the UPI limit
its depend on bank to bank but no possibility of increasing the UPI transaction limit
why is my UPI limit 5000
If You Change Your Mobile Handset, Mobile Number, Or UPI PIN, You Are Limited To A Maximum Of Rs 5000. The limit may be revised from time to time.
How can I increase the UPI limit of 5000 in SBI?
log in to your internet banking and Click on the ‘Limit’ text box and edit accordingly
What to do if UPI limit is exceeded?
.. you can Retry-After 24 Hours
.. also you Can Try Making Payment Using A Different Bank Account
.. Most of the banks put a limit of 10 daily UPI payments.