Businesses Over Rs. 50 Crore Must Offer E-Payment Options by Jan 1, 2020, or Face Daily Penalties u/s 271DB.

The circular issued by the Government of India mandates that businesses with a turnover exceeding Rs. 50 crore must provide facilities for accepting payments through specified electronic modes, effective from January 1, 2020, as per Section 269SU of the Income-tax Act, 1961. No charges, including Merchant Discount Rate (MDR), shall apply to payments made through these modes. Failure to comply by February 1, 2020, will result in a penalty of Rs. 5,000 per day under Section 271DB. However, penalties will not be imposed if the facilities are operational by January 31, 2020.

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