E-Payment Trends in India Amendments in the Income Tax Act for Cashless Economy

Abstract

The volume of electronic payments is increasing significantly, especially after demonetisation in 20 I 6. Internet data revolution in India also contributed to digital payments with the launch of easy to use UPI apps. UPI payments have increased by four times.from 2018-19 to 2020-21. At the same time, cheque payments have decreased considerably. After COVID-19 pandemic, people moved.from card payments to UPI payments since they preferred to stay in house and carry on online transactions. The Government's focus on digitalisation of economy is evident.from the fact that amendments have been made in Income Tax Act after demonetisation to discourage cash transactions