31 January 2020
1. Section 269SU Section 269SU requires every person who is carrying on business to provide the facility for accepting payments through prescribed electronic modes. These prescribed modes will be in addition to the facility for any other electronic mode of payment already provided to customers by such person.
Section 269SU is applicable to a person when the total sales, turnover or gross receipts from business exceeds Rs 50 crore during the immediately preceding previous year. The section is applicable from 1 November 2019. In such a case, the section is applicable if the sales, turnover or gross receipts exceed Rs 50 crore for the financial year ended 31 March 2019.
2. Rule 119AA notified modes for acceptance of payment The Central Board of Direct Taxes (CBDT) has notified the prescribed modes of payment for the purpose of section 269SU:
a. Debit Card powered by RuPay b. Unified Payments Interface (UPI) (BHIM-UPI) c. Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)
The Rule 119AA is applicable from 1 January 2020. Hence, from 1 January 2020, any person to whom the provisions of section 269SU are applicable should make available to its customers the methods of payment prescribed in Rule 119AA.
31 January 2020
Section 269SU: Applicable from 01.11.2019 "Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic modes, of payment, if any, being provided by such person, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year".
Section 269SU is applicable to all Assessee whether they are Individual , HUF, Company, LLP or having any other status if they are carrying business and , if the total sales, turnover or gross receipts, in business exceeds fifty crore rupees during the immediately preceding previous year.
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