TaxTMI 
TaxTMI 
Acceptance of Electronic mode of Payment: Clause 64 and Clause 187 of the Income Tax Bill, 2025 vs. Section 269SU of the Income Tax Act, 1961
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....increasingly emphasized the importance of digital transactions in promoting transparency and reducing tax evasion. The Income Tax Bill, 2025, introduces several provisions aimed at facilitating electronic payments. Clause 64 and Clause 187 of this Bill are particularly noteworthy, as they mandate the acceptance of payments through prescribed electronic modes for businesses exceeding a specified tu....
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.... the Income Tax Bill, 2025 Clause 64 mandates that any person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees in the preceding tax year must provide facilities for accepting payments through prescribed electronic methods. This requirement is in addition to any other electronic payment methods already offered by the business. The clause is designed t....
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....U, inserted by the Finance (No. 2) Act, 2019, requires every person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees in the preceding previous year to provide facilities for accepting payments through prescribed electronic modes. This provision was introduced to counteract tax evasion by ensuring that high-turnover businesses facilitate digital transa....
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....9SU of the Income Tax Act, 1961, share a common objective: promoting electronic payments among high-turnover businesses. However, there are subtle differences in their wording and scope. While Clause 64 and Clause 187 are part of a broader legislative update, Section 269SU has been in effect since 2019, providing a foundation for the newer provisions. The primary difference lies in the legislative....