Paytm Launches Excel UPI Statements, Simplifies Tax Filing, Expense Monitoring

Paytm has launched a new feature that allows users to download their Unified Payments Interface (UPI) statements in Excel format for greater convenience while filing taxes, including tracking expenses, and for better financial analysis. The feature is an extension of the facility whereby users can download transaction statements in a PDF format.  

According to Paytm, the initiative is aimed at simplifying record-keeping possible for individual customers, accountants, and businesses by providing the transaction data in an analysable format. Paytm users can now download statements for a specific date range or the entire financial year, making it simpler to track expenditure, estimate income, and handle taxes.  

Paytm said that including transaction notes and tags will make financial reports more transparent, thus enabling users to identify and categorise their spending. The feature follows increasing customer requests for flexible data formats for easy budgeting, tax filing, and expense monitoring, it added

How to Download UPI Statements in Excel Format 

The facility is available to all users who have registered their accounts with Paytm UPI addresses with Axis Bank, Yes Bank, State Bank of India, and HDFC Bank. Customers can download the Excel facility from within the Paytm app under the ‘Balance & History’ section. Then, under the payment history option, they must choose ‘Download UPI Statement’ for period for which they require the statement, and choose ‘Excel’ as the format desired, and then click on ‘Download’. The file will then be downloaded on to the user’s device. 

Besides the Excel format, customers can also download the statement in the PDF format. 

Time-Saving Solution for Tax Filing and Budgeting 

The new addition will assist users in saving significant time while filing taxes, particularly those who need to file detailed financial reports of transactions.  

For individuals with more than one bank account or those who need to track expenses from more than one transaction, the Excel format is more convenient, since it can be sorted, filtered, and analysed better. Users will be able to examine their expenditure, detect recurring charges, and categorise transactions at ease. Excel sheets are usually processed by accountants and finance analysts as part of their evaluation work. As the transactional data is well organised in Excel sheets, customers are able to obtain reports of expenditure, see trends on spending, and understand spending habits better. 

Paytm said the new UPI statement feature is in line with the growing trend of digital payments in India