Sec 269SU of IT Act

Notification No. 105/2019-Income Tax

New Delhi, the 30th December, 2019

Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds 50 crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and

(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).”.

[Notification No.105/2019/F. No. 370142/35/2019-TPL]
No more analysis required. Just comply with above rule.

Dear Sir

Can u please clarify us, a company whose turnover is more than 50cr, till cheques and DDs can accept or only through Online Transfer.

If company accept payment through Cheque or DD, penalty can be levied u/s.271DB?