I just learnt that UPI transactions of more than Rs. 50,000 value are apparently considered income from other sources. Everything is electronic and monitored closely. It would be prudent of us to insist on bank transfers for high value sales of camera gear instead of the quick fix of UPI.
Issued in public interest ;)
Are you saying that bank transfers through NEFT / RTGS are not subject to tax?
Quote from: anay3000 on January 25, 2025, 04:24:24 PMAre you saying that bank transfers through NEFT / RTGS are not subject to tax?
No, that's not what I'm saying. Incidental income is not usually taxable for individuals. Sales of some assets like your personal car or camera, done on an incidental basis and not as a business, falls under this definition.
However, it seems that if one accepts UPI payments in excess of Rs. 50,000 for even a sale of a personal item, it will be considered to be taxable income.