In this virtual world, UPI (Unified Bills Interface) has made transactions less complicated. With the advent of UPI service, the worry of robbery of money or coins has also ended.
But new technology has its blessings and downsides.
The more matters have become cutting-edge, the danger of robbery and fraud has increased. Therefore, the government has set distinct policies concerning the use of those technologies. Similarly, to save you from fraud and corruption, a few guidelines have been set by way of the profits tax branch regarding transactions and payments.
How many tons of quantity may be transacted?
Consistent with phase 269ST of earnings tax, any person can transact as much as Rs 2 lakh in a day. If the transaction amount exceeds the stated limit, then you'll be at odds with the income tax branch.
In these situations, transactions of more than 2 lakhs aren't okay.
No man or woman can transact more than 2 lakh rupees to any group or other person.
There is a ban on cash transactions of more than 2 lakh rupees in a lump sum or separate transactions.
At the side of this, a few guidelines were fixed in earnings tax concerning transactions and payments. For instance, policies have been fixed concerning coin payments under sections 40A (three) and forty-three.
In conjunction with this, regulations had been made concerning cash transactions beneath sections 269SS and 269ST.
a way to keep away from earnings tax notices?
If you need to keep away from earnings tax notes, then it's far more essential to maintain transparency concerning each transaction. Try to have a bill or evidence of every transaction, whether it is coins or UPI. Particularly for such transactions, which can be achieved by buying and promoting huge items or gadgets, it's vitally important to take the invoice. so you do not longer face any sort of problem in the future.
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