UPI Limit for Tax Payments now 5 Lakhs! Catch more details
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The Reserve Bank of India has officially proposed to increase the UPI limit for income tax payments from 1 Lakh rupees to 5 Lakh rupees. The RBI Governor, Shri Shaktikanta Das announced the new UPI transaction limit for tax payment in its Monetary Policy announcement on August 8th.
Along with this, the RBI governor has also proposed to introduce a facility for delegated UPI payments which will allow one person (primary user) to allow another person (secondary user) to make payments from their bank account using UPI.
With the increased UPI limit for tax payments, taxpayers now can clear higher dues easily with UPI. For now, there are no extra charges for paying off tax dues using UPI.
This week, NPCI has brought two big news for UPI users.
First, starting September 2024, RuPay credit cards UPI transactions will be eligible to receive the same rewards as other bank network credit cards.
Now, the 2nd big news is that NPCI will now allow taxpayers to pay up to 5 Lakhs of taxes online. Earlier this limit was 1 Lakh.
Government payments such as paying tax dues are mostly devoided from earning reward points or cashback for most credit cards and debit cards. However, there are still a few cards that do provide some reward points or cashback for tax payments.
One such is the IDFC Wealth Credit Card but the rewards it offers are lesser (0.75% probably) which is not sufficient to cover other charges one needs to bear for paying through a credit card. This basically results in a net loss.
The other options available are HDFC Biz business credit cards which can help save up to 16.6% on income tax/GST & bill payments
In our recent cashback on tax payment discussion thread, one of our expert dimers shared that “a better way would be to use HDFC Business Debit Card to get 1% (up to ₹750) cashback, no convenience fee if HDFC payment gateway is used.”
You will get 5 cashback points on every Rs.100 spent on all tax payments, says the official HDFC Business debit card page.
Courtesy and thanks to @budweiser
Another user of our community shared that one can also use a Slice card to get 1% cashback on tax payments which could be transferred to a bank account.
On a side note, consider signing up on Desidime if you haven’t to not miss such interesting & useful discussions on finance, the latest deals and more🔥
So this was all about sharing the new UPI limit for tax payments online which now stands at 5 Lakhs.
Source:
One more big news this week is also the huge relief property buyers and owners have received. After receiving a lot of backlash on removing indexation benefits for properties, the Center earlier this month finally announced to allow people to opt for a 12.5% long-term capital gains tax rate without indexation or a 20% rate with indexation for property purchased before July 23, 2024
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Gold Prices Drop 5% after Custom Duty Reduction in Budget 2024!
Anyone tried?
Good
Vu
Bro what you are posting now , i posted 1 month ago but they deleted my post saying this and that , source and credibility something 😂😂
The Reserve Bank of India has officially proposed to increase the UPI limit for income tax payments from 1 Lakh rupees to 5 Lakh rupees. The RBI Governor, Shri Shaktikanta Das announced the new UPI transaction limit for tax payment in its Monetary Policy announcement on August 8th.
Along with this, the RBI governor has also proposed to introduce a facility for delegated UPI payments which will allow one person (primary user) to allow another person (secondary user) to make payments from their bank account using UPI.
With the increased UPI limit for tax payments, taxpayers now can clear higher dues easily with UPI. For now, there are no extra charges for paying off tax dues using UPI.
This week, NPCI has brought two big news for UPI users.
First, starting September 2024, RuPay credit cards UPI transactions will be eligible to receive the same rewards as other bank network credit cards.
Now, the 2nd big news is that NPCI will now allow taxpayers to pay up to 5 Lakhs of taxes online. Earlier this limit was 1 Lakh.
Government payments such as paying tax dues are mostly devoided from earning reward points or cashback for most credit cards and debit cards. However, there are still a few cards that do provide some reward points or cashback for tax payments.
One such is the IDFC Wealth Credit Card but the rewards it offers are lesser (0.75% probably) which is not sufficient to cover other charges one needs to bear for paying through a credit card. This basically results in a net loss.
The other options available are HDFC Biz business credit cards which can help save up to 16.6% on income tax/GST & bill payments
In our recent cashback on tax payment discussion thread, one of our expert dimers shared that “a better way would be to use HDFC Business Debit Card to get 1% (up to ₹750) cashback, no convenience fee if HDFC payment gateway is used.”
You will get 5 cashback points on every Rs.100 spent on all tax payments, says the official HDFC Business debit card page.
Courtesy and thanks to @budweiser
Another user of our community shared that one can also use a Slice card to get 1% cashback on tax payments which could be transferred to a bank account.
So this was all about sharing the new UPI limit for tax payments online which now stands at 5 Lakhs.
Source:
One more big news this week is also the huge relief property buyers and owners have received. After receiving a lot of backlash on removing indexation benefits for properties, the Center earlier this month finally announced to allow people to opt for a 12.5% long-term capital gains tax rate without indexation or a 20% rate with indexation for property purchased before July 23, 2024
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Also read:
Amazon Great Freedom Sale 2024 Offers
Good & Bad Mobile Deals in Amazon Freedom & Flipkart Flagship Sale
Gold Prices Drop 5% after Custom Duty Reduction in Budget 2024!