Making more UPI payments? If you exceed this limit, you will get IT notice.. Watch out!
Samayam November 18, 2024 11:37 AM
IT Notice: Are you using UPI UPS like Phone Pay, Google Pay, Paytm a lot? Sending or receiving money through UPI? But big alert for you. If you exceed the limit in your account, chances are high that you will get income tax notices. Your transactions will be monitored by the Income Tax department. Find out the details now.
IT Notice: Nowadays there is no need to go to the bank to withdraw, deposit and transfer money to others. Everything is happening half-heartedly. Online payments have increased tremendously after the availability of digital payment facility. In particular, the use of unified payments interface apps like Phone Pay, Google Pay, Paytm has increased tremendously. UPI payments are the most common digital payments in the country . Payments are being made through UPI from Rs.10 to thousands of items ranging from groceries to electronics. Some use two or three UPI apps. Tens of transactions are conducted in a day. If someone owes them money, they ask for UPI.
Are you also using UPI apps a lot? Making UPI payments and withdrawing money through UPI? But be alert. There is a risk of getting into trouble if transactions are carried out as desired. The Income Tax Department is keeping a watchful eye on large UPI transactions. If you over-deposit or withdraw money in your bank account, you will be monitored by IT. You may receive income tax notices. As a result, you will have to pay taxes and penalties.
The Income Tax Department monitors day-to-day transactions through AI technology. Legal action will be taken against those who transact beyond the limit and do not pay income tax. According to income tax rules, there is a limit of Rs.10 lakh in bank savings accounts in a financial year. If money is deposited in the savings account beyond this limit, the details will go to the Income Tax department. Directly inform your details in the bank. If you don't check this limit and make UPI payments by depositing money in the bank, you will have to receive notices.
Under Section 285 BA of the Income Tax Act 1961, there is a restriction on depositing cash in bank accounts. Also, the IT Department will issue notices to you if the details of the money deposited in the savings account do not match at the time of filing the income tax returns. Also, PAN card has to be given when the transaction is more than Rs.50 thousand. It means that the IT department has come under surveillance. It is better to do UPI transactions keeping these details in mind.
