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The Central Board of Direct Taxes specifies prescribed electronic payment modes under section 269SU of the Income-tax Act, 1961. Every person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees during the immediately preceding previous year must provide facility for accepting payment through RuPay Debit Card, Unified Payments Interface (BHIM-UPI), and Unified Payments Interface Quick Response Code (BHIM-UPI QR Code). These rules come into force on 1st January, 2020.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th December, 2019
G.S.R. 960(E).—In exercise of the powers conferred by section 269SU read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely:—
(2) They shall come into force from 1st day of January, 2020.
“119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely:—
[Notification No.105/2019/F. No. 370142/35/2019-TPL] ANKUR GOYAL, Under Secy.
Note : The principal rules were published in the Gazetted of India, Extraordinary, Part-II Section-3, Sub-section (ii) vide number S.O. 969(E) dated the 26th march, 1962 and were last amended by the Income-tax (15th Amendment) Rules, 2019 vide notification No. G.S.R. 937(E), dated the 18th December, 2019.
