Is it taxable if I transfer money from one account to another?
Simply, such receipts may be treated as gifts, and gifts up to a sum of Rs 50,000 are exempt from gift tax. But if bigger amounts are transferred between friends, the entire amount will be subject to tax.
Is NEFT better or IMPS?
Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly. So, you can think of IMPS as the fund transfer mode that has the best features of both RTGS and NEFT. You can transfer amounts as low as you want, any time you want, with instant results.
How to use Imps to transfer money?
The most commonly used payment method for IMPS transfer is through IFSC codes. You can transfer money from one bank account to another. You can send it to another bank branch as well. All you need is an internet connection along net banking or mobile banking to carry out the transactions.
Who can transfer funds using Neft?
Individuals, firms or corporates having accounts with a bank branch can transfer funds using NEFT. Individuals without a bank account can also transfer money using NEFT. They can deposit cash at any NEFT-enabled branch with instructions to transfer funds using NEFT.
What are the differences between Imps and Neft?
The maximum value of transfer: For IMPS, the maximum transfer value is rupees 2 lakh per day while with NEFT, the maximum value of transaction differs based on the bank. As a rough estimate, the value of the transaction can go up to 10 lakhs per transaction.
What is neneft (national electronic funds transfer)?
NEFT or National Electronic Funds Transfer is an electronic fund transfer scheme that uses internet banking or mobile banking to transfer funds from one bank account to another. It allows the transfer of money between two bank accounts within the same bank or in two separate banks.