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

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..... Dated: 30th December, 2019 Sub.: 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 economy and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act, 1961 ( the A .....

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..... ectronic modes prescribed under Section 269SU of the Act . Consequently, any charge including the MDR (Merchant Discount Rate) shall not be applicable on or after 01 st January, 2020 on payment made through prescribed electronic modes. 2. In this connection, it may be noted that the Finance Act has also inserted section 271DB in the Act , which provides for levy of penalty of f .....

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