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Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax - 12/2020

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..... Circular No. 12/2020 F. No. 370142/35/2019-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - reg. In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the .....

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Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax

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..... ayment limit per transaction or per day they are not so relevant to B2B (Business to Business) businesses, which generally receive large payments through other electronic modes of payment such as NEFT or RTGS. Mandating such businesses to provide the facility for accepting payments through prescribed electronic modes would cause administrative inconvenience and impose additional costs. 3.  In view of the above, it is hereby clarified that the provisions of section 269SU of the Act shall .....

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Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax

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