Please read carefully provisions of Section 269SU which related to Acceptance of payment through prescribed electronic modes, otherwise Rs. 5000/- per day penalty under Section 271DB shall be imposed on Every person, carrying on business his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs.50 (fifty) crore rupees during the immediately preceding previous year.

1. Section 269SU:  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 Rs.50 (fifty) crore rupees during the immediately preceding previous year. ] 

2. Modes provided by notification no. 105/2019 of CBDT:

“119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, 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 shall provide facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely:—

(i) Debit Card powered by RuPay;

(ii) Unified Payments Interface (UPI) (BHIM-UPI); and

(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).”.

3. Implementation by CBDT circular no. 32/2019 DT.30/12/2019:

W.E.F. 1/1/2020 it has come in to force and to equip your self time has given up to 31/01/2020.

4. Penalty under section 271DB for failure to comply with provisions of section 269SU.

Every day @Rs.5000/- per day and will be effective from 01/02/2020

Extract of Section 271DB

271DB. (1) If a person who is required to provide facility for accepting payment through the prescribed electronic modes of payment referred to in section 269SU, fails to provide such facility, he shall be liable to pay, by way of penalty, a sum of five thousand rupees, for every day during which such failure continues:

Provided that no such penalty shall be imposable if such person proves that there were good and sufficient reasons for such failure.

(2) Any penalty imposable under sub-section (1) shall be imposed by the Joint Commissioner of Income-tax.

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Qualification: CA in Practice
Company: RAJIV NIGAM & ASSOCIATES
Location: NEW DELHI AND NOIDA, New Delhi, IN
Member Since: 17 Jul 2017 | Total Posts: 25
RUNNING RAJIV NIGAM FCA PRACTISING FIRM FOR DIRECT & INDIRECT TAXATION & VIRTUAL CFO FOR START UPS View Full Profile

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