Central Bank Raises Upi Tax Payment Limit To Rs 5l Per Transaction From Rs 1l

UPI Transaction Limit Increased for Tax Payments

Enhanced Limit to Facilitate Larger Transactions

In a move to boost digital payments and facilitate larger transactions, the Reserve Bank of India (RBI) has announced an increase in the transaction limit for tax payments through the Unified Payments Interface (UPI).

Current Transaction Limit

Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments.

Enhanced Transaction Limit

The RBI has decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 2 lakh per transaction.

Significance of the Increase

This increase in the transaction limit will enable taxpayers to make larger tax payments without the need to split their payments into smaller amounts.

Conclusion

The RBI's move to enhance the transaction limit for tax payments through UPI is a significant step towards promoting digital payments and simplifying the tax payment process. This increased limit will provide convenience to taxpayers and contribute to the overall growth of digital payments in India.