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Income Tax rules on e-wallet or UPI transactions: All you need to know

Updated Apr 18, 2021 | 11:57 IST Just as income from sources like Fixed Deposit (FD) or Mutual Funds are taxable; similarly, there is also Income Tax on UPI transactions. Income Tax rules on e-wallet or UPI transactions: All you need to know  New Delhi: Transaction via e-wallets and UPI transactions have increased manifold especially during the last couple of months. In the current times when there are restrictions in respect of withdrawal from same bank ATM, cash transaction limit, withdrawal charges etc, people prefer to go cashless and use digital wallet or UPI transfers.  There are some implications of these e-wallet or UPI transactions that you need to know. As per income tax rules, reporting of salary income, income from other sources, capital gains, etc. is mandatory in the income tax return (ITR) filing. Likewise, funds received via UPI or e-wallets are also required to be put forth while tax filing.

How is Income Tax Calculated, Can it be Paid Online? All You Need to Know Ahead of Union Budget 2021

»How is Income Tax Calculated, Can it be Paid Online? All You Need to Know Ahead of Union Budget 2021 4-MIN READ How is Income Tax Calculated, Can it be Paid Online? All You Need to Know Ahead of Union Budget 2021 Finance Minister Nirmala Sitharaman had announced the new concessional income tax regime last year. As Finance Minister Nirmala Sitharaman delivers her promised budget speech on Monday, which is expected to provide relief to the middle class by way of income tax benefits, we answer all your queries related to income tax. FOLLOW US ON: Every salaried person in India has to pay a certain amount of money in the form of tax to the Income Tax Department of India. As Finance Minister Nirmala Sitharaman delivers her promised budget speech on Monday, which is expected to provide relief to the middle class by way of income tax benefits, we answer all your queries related to income tax slabs, how it’s calculated and what makes Form 16 an important document.

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