Income Tax Guidelines on UPI Transaction Limit in Bank A/C

Income Tax Guidelines on UPI Transaction Limit in Bank A/C

As a part of India’s move towards a cashless economy, Unified Payments Interface (UPI) has played a major role in digital payments. Introduced in 2016, UPI allows users to link different bank accounts to a single smartphone. Nowadays, we do not need physical cash or cards for making payments. UPI allows users to use their smartphones as digital wallets.

Many individuals are using UPI as it is fast, convenient, and free of cost. You can receive or send money without any hurdles. UPI apps such as Paytm, Google Pay, Phone Pe, etc, are very easy to use, which makes it easier for those who are not much familiar with technology. Additionally, this also helps the government to track the transactions.