Notification prescribing electronic modes of payment u/s 269SU of the Income-tax Act, 1961

Last updated: 08 January 2020

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This notification, effective from January 1st, 2020, mandates that businesses with a turnover exceeding fifty crore rupees in the preceding financial year must provide facilities for accepting payments via specific electronic modes. These mandatory modes include Debit Card powered by RuPay, Unified Payments Interface (UPI) (BHIM-UPI), and Unified Payments Interface Quick Response Code (UPI QR Code). This is in addition to any other electronic payment methods already offered.

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 30th December, 2019 G.S.R. 960(E).In exercise of the powers conferred by section 269SU read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely: 1. Short title and commencement.(1) These rules may be called the Income-tax (16th Amendment) Rules, 2019. (

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FAQ :

The notification prescribes specific electronic modes of payment that businesses must offer to customers, as per Section 269SU of the Income-tax Act, 1961.

Businesses whose total sales, turnover, or gross receipts exceeded fifty crore rupees in the immediately preceding previous year are affected.

These rules come into force from the 1st day of January, 2020.

The mandatory methods are Debit Card powered by RuPay, Unified Payments Interface (UPI) (BHIM-UPI), and Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).

No, businesses must provide these specified electronic modes in addition to any other electronic payment facilities they may already be offering.