Mandatory Electronic Payments Acceptance mode : Comply before Jan 31, 2020

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Section 269SU Mandatory Electronic Payment Modes

Applicability

  • New Section 269SU is effective Jan 01, 2020
  • Every business with a gross turnover of Rs. 50 crore or more during immediately preceding previous . In this case it is FY 2018-19.

Prescribed Electronic Payments Modes

Such business must provide the following electronic payments modes to their customers for making payments : Rule 119AA

  • Debit Card powered by RuPay;
  • Unified Payments Interface : UPI/ BHIM-UPI; and
  • Unified Payments Interface Quick Response Code : UPI QR Code/ BHIM-UPI QR Code

The above modes are in addition to other electronic modes of accepting payments being provided by the business i.e. NEFT/ RTGS / IMPS

Consequence of non-compliance

  • A penalty of Rs. 5,000 per day as per Section 271DB
  • Penalty is applicable only from Feb 1, 2020. Hence every business must be compliant with this provision on or before Jan 31, 2020

Compliance on eFiling Portal

A functionality has been enabled in the e-filing login of the taxpayers to provide the prescribed mode of electronic acceptance of payment made available to the customers

http://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/notification_105_2019.pdf

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