This document provides crucial clarifications on Section 269SU of the Income-tax Act, 1961, concerning mandatory acceptance of payments through electronic modes. It explains that businesses with only Business-to-Business (B2B) transactions, where at least 95% of receipts are non-cash, are exempt from this mandate. This is particularly useful for B2B enterprises seeking clarity on payment regulations.
CBDT issues clarification with respect to the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 vide Circular No.12/2020 dated 20th May, 2020. #pdf