Section 269SU Income Tax : Acceptance of payment through prescribed electronic modes.

By | July 14, 2019
(Last Updated On: July 14, 2019)

Section 269SU Income Tax : Acceptance of payment through prescribed electronic modes.

Clause 59 of Finance Bill 2019

59. After section 269ST of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:—

Acceptance of payment through prescribed electronic modes. 

“269SU. 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.”.

Explanation of Clause 59 of Finance Bill 2019

Clause 59 of the Bill seeks to insert a new section 269SU of the Income-tax Act relating to acceptance of payment through prescribed electronic modes.

It is proposed to provide that every person, carrying on business, shall provide facility for accepting payment through the 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.

This amendment will take effect from 1st November, 2019.

Penalty if Provisions of Section 269SU Income Tax not complied

Refer Section 271DB Income Tax Act : Penalty for failure to comply with provisions of section 269SU

 

 

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