Income tax on UPI transaction: Income Tax 2024

[Riva]

According to taxconcept webpage, UPI transaction to bank accounts will now be considered as income and will need to be reported in income tax!!

Refer the article below.

UPI Transaction Limit in Bank Account as Per Income Tax (2024)

Income Tax Implications of UPI Transactions and E-Wallets In the modern era of digital payments, the introduction of Unified Payments Interface (UPI) in

taxconcept.net

 

[CardTox]

What if its person to person? Will they not consider p to p and b to p in doing so?

 

[Riva]

That is the issue.. business transaction are also being done fr person to person. How will IT distinguish between business and personal. Hence limit is upto 50k, post which you will need to show bills or statement if you transfer from one of your account to another of your own account using upi.