Posted by 
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
