What is the new upper transaction limit for tax payments

Solution

The new upper transaction limit for tax payments using UPI has been raised to ₹5 lakh per transaction. Details- • NPCI Update: The UPI transaction limit has been increased for high-value categories, effective from September 16, 2024. • Applicable Sectors: o Tax Payments: Users can pay up to ₹5 lakh per transaction. o Healthcare: Verified hospitals can now accept payments up to ₹5 lakh. o Educational Fees: Educational institutions are covered under the raised limit. o Financial Investments: Applicable to IPOs, government securities, and select financial instruments. • Standard UPI Transactions: The limit remains at ₹1 lakh for peer-to-peer transfers and other standard transactions.