Economics

Digital transaction: No Taxes

August 31, 2020
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What is Digital Payment?

The transaction approves through RuPay card, BHIM – UPI, UPI QR Code, and BHIM- UPI QR code by customer.

What is Rule about Online Transaction?

1. The Union Finance Ministry has directed banks to immediately refund the charges levied on such transactions from January 1, as the country’s banks are not allowed to charge any digital financial transactions under the Information Technology Act.

2. The Central Board of Direct Taxes had issued a notification on December 30 in this regard. The Finance Ministry has given clear instructions to banks not to charge any more on transactions made through Rupee Card, Bhim UPI, and other digital channels.

3. The New notification says that. If the transactions were done through RuPay card, BHIM – UPI, UPI QR Code, and BHIM- UPI QR code. No banks or system providers will impose charges. PSS Act, which provides that no bank or system provider will impose any charge on a payer.

Reference Used : http://newsonair.com/

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