ATTENTION BUSINESSES : CBDT MAKES IT COMPULSORY TO ACCEPT ELECTRONIC MODES PAYMENTS

NOTIFICATION FOR BUSINESSES EXCEEDING TURNOVER RS.50 CRORE

Ministry of Finance (Department of Revenue)

CBDT issues notification No. 105/2019/F.No. 370142/35/2019 on 30 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, CBDT hereby makes the rule 119AA -  

 For the modes of payment under section 269SU, every person carrying on business, if sales or turnover or gross receipts exceeds the Rs 50 CRORE during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes -

Section 269SU के तहत भुगतान के तौर-तरीकों के लिए, व्यवसाय पर ले जाने वाला प्रत्येक व्यक्ति, यदि बिक्री या टर्नओवर या सकल 

प्राप्तियां पिछले वर्ष के तुरंत पहले 50 CRORE से अधिक हो, तो निम्नलिखित इलेक्ट्रॉनिक मोड के माध्यम से भुगतान स्वीकार करने की

सुविधा प्रदान करेगा -

119AA. Rule for accepting payments for businesses in India

(I) Debit card powered by RUPAY.

(II) UPI (Unified powered interface) (BHIM UPI).

(III) UPI QR CODE ( Unified powered interface Quick Response Code) ( BHIM-UPI QR Code).

The above shall come into force from 1st January, 2020.

Read the full notification here https://www.incometaxindia.gov.in/communications/notification/notification_105_2019.pdf