When can one's UPI transactions attract income tax notice?
Large UPI transactions do not automatically attract an income tax notice. However, if the transaction amounts do not align with a person's declared income, they may come under scrutiny. The cash deposits of ₹50 lakh or more in current accounts in a financial year are reportable to the Income Tax Department, but this rule does not apply to UPI transactions.
read more at Livemint.com


