UPI Users can pay taxes up to Rs 5 lakh in single transaction: An important change has taken place in the Unified Payment Interface (UPI) from today. Due to this change, UPI users can now pay tax up to Rs 5 lakh in one go. This change has been made by the National Payments Corporation of India (NPCI).
UPI is emerging as a preferred digital payment option among the people. In view of the rapidly growing trend, NPCI had decided to make changes in UPI last month. In a circular issued on August 24, NPCI had said that there is a need to increase the payment limit in UPI for certain special category expenses. In its circular, NPCI had talked about increasing the single payment limit through UPI to Rs 5 lakh for institutions falling under special categories. NPCI had asked all institutions like banks, payment service providers, UPI apps to adopt the change related to increasing the payment limit for depositing tax by September 15, 2024. These changes were to be implemented in the country from Monday 16 September or today. Which have now been done.
New rules for category based payments come into effect from today
The one-time payment limit of Rs 5 lakh through UPI is applicable on hospital and education-related expenses, IPOs and RBI Retail Direct Scheme apart from taxes.
Earlier, the limit of payment through UPI was usually seen to be Rs 1 lakh. In some cases, this limit was also 2 lakhs. Let us tell you that banks also have the right to set UPI payment limit. That is, how much money can be transacted through UPI app depends on the specific limits set by his bank and the UPI app he is using. Banks can also set UPI transaction limit on daily basis. In such a situation, how much money can you transact through UPI app in a whole day. It will depend on your bank and the UPI app you are using. With the implementation of the new rule, people will be able to make payments in categories like tax payment, hospital and education related expenses, IPO and RBI Retail Direct Scheme.
