Penalty for Failure to Provide a Facility in Contravention of Section 269SU
Nature of Default
• The penalty shall be imposed on a person carrying on a business with total sales, turnover, or gross receipts over Rs. 50 crore in the immediately preceding year.
• Such person fails to provide an electronic payment acceptance facility as required by Section 269SU.
• Exemption applies to specified persons engaged exclusively in B2B transactions where at least 95% of receipts are non-cash.
Quantum of Penalty
• The Assessing Officer shall impose a penalty of Rs. 5,000 for each day during which the failure continues.
• Penalty shall not be levied if the assessee proves reasonable cause for the failure.