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Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax - 16/2020

Extract

..... (“the IT Act”), which provides that every person having a business turnover of more than ₹ 50 crores during the immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes. Further, a new provision namely section 10A was also inserted in the Payment and Settlement Systems Act 2007 (“the PSS Act”), which provides that no Bank or system provider shall impose any charge on a payer making payment, o .....

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Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax

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..... of the PSS Act as well as section 269SU of the IT Act. Such breach attracts penal provisions under section 271DB of the IT Act as well as section 26 of the PSS Act. 3. Banks are, therefore, advised to immediately refund the charges collected, if any, on or after 1st January 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the IT Act and not to impose charges on any future transactions carried through the said prescribed modes. [F.No.370142/35/2019-TP .....

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Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 - Income Tax

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