All about the new section 269SU of the Income Tax Act, 1961

CA Mayur Todmal | Last updated: 16 March 2021

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Section 269SU of the Income Tax Act, 1961, introduced in November 2019, mandates businesses with a turnover exceeding fifty crore rupees to provide facilities for accepting payments through specific electronic modes. These include RuPay debit cards, BHIM-UPI, and BHIM-UPI QR codes. Banks are now prohibited from levying charges on transactions made through these prescribed modes, and any charges collected since January 15, 2020, must be refunded.

Update: The CBDThas issued a circular with respect toSection 269SU of the Income Tax Act. As per the circularbanks areadvised to immediately refund the charges collected, if any, on or after 15th 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 Finance Act 2019 inserted new Section 269SU after section 269ST of the Income-tax Act, wi

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

CA Mayur Todmal

Practicing CA

Be where your feet are... The views and opinions; thoughts and assumptions; analysis and conclusions expressedare personaland do not necessarily reflect any legal standing.

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