Tag Archives: electronic transactions

NEW DELHI: On Sunday, the income tax department attacked banks that electronic transactions or payments through tools like UPI, warning them of criminal action for breaking the law. Last year, the government had introduced a new provision that required all companies with an annual turnover of Rs 50 million or …

Statements were made that some banks were imposing fees on UPI transactions. The Finance Ministry has advised banks not to charge any fees for transactions or payments made via electronic mode, the Central Board of Direct Taxes (CBDT) said in a statement on Sunday. According to the CBDT, statements were …