Guide Cons for - Daily UPI Transaction ?
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Doing transaction daily with in own upi id linked to different bank account for Bajaj Finserv cashback offers, will this create any issue from tax point or any issue?
Can anyone guide, for this ?
Can anyone guide, for this ?
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Going just by the Title Cons for UPI Transaction Daily here's a few
Transaction limits:
UPI transactions often have daily and per-transaction limits. This can be inconvenient for high-value transactions or for individuals/businesses that need to make frequent large payments.
Smartphone dependency:
UPI requires a smartphone and a linked bank account. This excludes individuals who don't have access to smartphones or are not comfortable using them.
Technical glitches:
As with any digital system, UPI platforms can experience technical glitches. Transaction failures, delays, or errors in processing can occur, causing inconvenience to users.
Lack of anonymity:
UPI transactions are directly linked to the user's bank account, leaving a trace of every transaction. This lack of anonymity might be a concern for users who value privacy.
Fraud and Scams:
Despite security measures, UPI transactions are not immune to fraud. Users may fall victim to scams, and the recovery process can be challenging.
Coming to the Discussion Description
Going just by the Title Cons for UPI Transaction Daily here's a few
Transaction limits:
UPI transactions often have daily and per-transaction limits. This can be inconvenient for high-value transactions or for individuals/businesses that need to make frequent large payments.
Smartphone dependency:
UPI requires a smartphone and a linked bank account. This excludes individuals who don't have access to smartphones or are not comfortable using them.
Technical glitches:
As with any digital system, UPI platforms can experience technical glitches. Transaction failures, delays, or errors in processing can occur, causing inconvenience to users.
Lack of anonymity:
UPI transactions are directly linked to the user's bank account, leaving a trace of every transaction. This lack of anonymity might be a concern for users who value privacy.
Fraud and Scams:
Despite security measures, UPI transactions are not immune to fraud. Users may fall victim to scams, and the recovery process can be challenging.
Coming to the Discussion Description
Overall As already suggested , there should not be issue from tax liabilities perspective but be cautions that Banks can still validate certain transaction / number of transactions occurring frequently in a similar pattern provide everything still falls under threshold amount
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