-If you also do digital transactions from digital platforms like UPI, RuPay BHIM, then this can be good news for you.
The Income Tax Department has abolished the additional charge on transactions through digital platforms like UPI, RuPay BHIM.
-No, the Income Tax Department (CBDT) has asked the bank to return the fees or charges recovered after January 1, 2020 to the customers.
After this order, the bank will soon refund the charges deducted on these transactions. The CBDT has asked banks under section 269 SU of the Income Tax Act that no charges will be levied on any transactions done through electronic platforms in future.
The money will come in customers’ account
In a circular issued on Sunday, CBDT said that if banks have charged any charge on transactions made through electronic mode fixed on or after January 1, 2020, they should refund it immediately and in future, any such transaction Do not charge. Let us tell you that it was clarified in December 2019 that from January 1, 2020, any type of charge including merchant discount rate (MDR) will not be applicable on the transaction done in fixed electronic mode. Action can be taken against any charges levied by banks in digital transactions from customers.
Action on bank
CBDT said that violation of these laws can be taken against the bank under section 271DB of IT Act and section 26 of the PSS Act. According to data released by the National Payments Corporation of India, 1.49 billion UPI digital transactions took place in July. Digital payments have become a necessity after the coronavirus outbreak.
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