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Acceptance of payment through prescribed electronic modes - Section 269SU

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..... ), 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. Acceptance of payment through prescribed electronic modes - Section 269SU Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to .....

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..... w.e.f. from 01 st February, 2020 under section 271DB of the Act If assessee fails to complied Section 269SU then he shall be liable to pay, by way of penalty, a sum of ₹5,000, for every day during which such failure continues. As per Rule 119AA of Income Tax Rule, Prescribed Electronic Modes Debit Card powered by RuPay; Unified Payment Interface (UPI) (BHIM-UP .....

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