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How to avoid income tax on UPI transaction

Gifts: Gifts up to ₹50,000 are generally exempt from tax, but amounts exceeding this threshold must be reported and may be taxed.

Self-transfers: Moving money between your own bank accounts via UPI is not considered income and is exempt from tax. However, document these transactions well to prove their nature.

Cash transactions: UPI is a good alternative to cash. Be aware of Section 269ST of the Income Tax Act, which prohibits receiving over ₹2 lakh in cash from a single source in one day, even if split into multiple transactions.



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