Acceptance of payment through prescribed electronic modes - Section 269SU & Section 271DB

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..... new provision namely Section 269SU was inserted in the Income-tax Act, 1961 ("the Act"), vide the Finance (No. 2) Act 2019 , After section 269ST of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019. Applicability * Every person, carrying on business, shall provide facility for accepting payment through p .....

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..... failure to comply with provisions of sections 269SU [ Section 271DB ] * Applicability - w.e.f. from 01st February, 2020, if assessee fails to complied Section 269SU then he shall be liable to pay by way of penalty. * Quantum of Penalty - The penalty is Rs. 5,000 per day for each day during which such failure continues. * Reasonable Cause Exemption - The first pro .....

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..... ated 30.08.2020 ] * it is hereby clarified that the provisions of section 269SU shall not be applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) * if at least 95% of aggregate of all amounts received during the previous year, including amount received for sales, turnover or gross receipts, are by any mode other than cash.& .....

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