Accepting Payments through prescribed modes
This query is : Resolved
23 January 2020
We have received a mail from Income Tax Dept. regarding providing facility for accepting payments through prescribed modes by a person having business turnover of Rs. 50Cr vide notification no. 105/2019 dt 30 Dec 2019. But practically these modes are useless for us as client never visits our premises. Is there any minimum swipe amount per month required by Income Tax dept.
Thanks & regards
We have received a mail from Income Tax Dept. regarding providing facility for accepting payments through prescribed modes by a person having business turnover of Rs. 50Cr vide notification no. 105/2019 dt 30 Dec 2019. But practically these modes are useless for us as client never visits our premises. Is there any minimum swipe amount per month required by Income Tax dept.
Thanks & regards
14 February 2020
Its true but in order to promote the digital transactions and reduce the cash transactions, government has come out with an idea that more options of digital payment must be provided by the seller. Seller has to provide the options and it is upto the payee whether to opt for it or not.
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