Section 269SU shall not be applicable for B2B Transactions if 95% amount not received in cash: CBDT

By | May 22, 2020
(Last Updated On: May 22, 2020)
The CBDT had notified ‘Debit card powered by RuPay’ and ‘UPI’ notified as prescribed mode of payments for the purpose of section 269SU. Considering the maximum payment limit prescribed under these modes, which are aren’t relevant for B2B businesses, the CBDT has clarified that Sec. 269SU shall not be applicable in case of person having only B2B transactions and at least 95% of business receipts shall be in any mode other than cash
Circular No 12/2020
Dated 20th May 2020
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