Section 269SU

When to Say No to Cash Transaction under Income Tax Act, 1961

Income Tax - A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

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Section 269SU: Mandating Acceptance of Payment through prescribed Electronic modes

Income Tax - The applicability of the provisions of section 269SU to those business entities who do not receive payments from retail customers was always in question. This is because it is not practical to receive payments from customers by B2B enterprises since they are distant and large customers who prefer to make payment by banking channels like...

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Surgical Strike on Cash Transactions

Income Tax - a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]...

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Income Tax Law Relating To Cash Transactions

Income Tax - A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

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E-Book- Know When to Say No to Cash Transactions -Income Tax Act

Income Tax - E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue),  Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on C...

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Section 269SU Prescribing electronic modes of payment needs a re-look

Income Tax - The Chamber of Tax Consultants has made a represenation to Hon’ble Finance Minister and submitted that compliance with section 269SU read with Rule 119AA will not only result in incurrence of additional cost but also result into lot of administrative hassle and inconvenience for no value addition. Considering the genuine hardships t...

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Section 269SU: Banks to Refund charges received on or after 01.01.2020

Circular No. 16/2020-Income tax - (30/08/2020) - Banks are, , advised to immediately refund the charges collected, if any, on or after 1st  January 2020 on transactions carried out using the electronic modes prescribed under section 269SU and not to impose charges on any future transactions carried through the said prescribed modes....

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Section 269SU not applicable to specified person having only B2B transactions

Circular No. 12/2020-Income Tax - (20/05/2020) - It is hereby clarified that the provisions of section 269SU of the Act shall not he applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of aggregate of all amounts received during the previous year, including amount receiv...

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Rule 119AA Modes of payment for purpose of section 269SU

Notification No. 105/2019-Income Tax [G.S.R. 960(E)] - (30/12/2019) - Rule 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 t...

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Clarifications on prescribed electronic modes under section 269SU

Circular No. 32/2019-Income Tax - (30/12/2019) - Finance Act has also inserted section 271DB in the Act, which provides for levy of penalty of five thousand rupees per day in case of failure by the specified person to comply with the provisions of section 269SU....

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CBDT invites application for prescribing eligible Section 269SU electronic payment mode

FTS- 1275045/2019 - (18/10/2019) - FTS- 1275045/2019 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **************************** New Delhi, dated 18th October 2019 NOTICE Prescribing of certain electronic modes of payment under Section 269SU of the Income-tax Act, 1961-Invitation for appli...

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Recent Posts in "Section 269SU"

When to Say No to Cash Transaction under Income Tax Act, 1961

A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provis...

Read More
Posted Under: Income Tax | ,

Section 269SU: Mandating Acceptance of Payment through prescribed Electronic modes

The applicability of the provisions of section 269SU to those business entities who do not receive payments from retail customers was always in question. This is because it is not practical to receive payments from customers by B2B enterprises since they are distant and large customers who prefer to make payment by banking channels like...

Read More
Posted Under: Income Tax |

Section 269SU: Banks to Refund charges received on or after 01.01.2020

Circular No. 16/2020-Income tax 30/08/2020

Banks are, , advised to immediately refund the charges collected, if any, on or after 1st  January 2020 on transactions carried out using the electronic modes prescribed under section 269SU and not to impose charges on any future transactions carried through the said prescribed modes....

Read More

Surgical Strike on Cash Transactions

a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]...

Read More
Posted Under: Income Tax |

Income Tax Law Relating To Cash Transactions

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More
Posted Under: Income Tax |

E-Book- Know When to Say No to Cash Transactions -Income Tax Act

E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue),  Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on C...

Read More

Recent Changes & Issues in Income Tax & International Taxation

Article explains guidelines for Mutually Agreed Procedure (MAP), Changes in Tax Residency Rules, Changes in equalization levy, Amendments w.r.t. Dividend Distribution Tax (DDT), Applicability of S 269 SU to B2B Businesses, Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions, Reduction in TDS/TCS Rates, TDS ...

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Posted Under: Income Tax |

Taxation of Cash Transactions under Income Tax Act, 1961

Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise...

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Posted Under: Income Tax |

Section 269SU Acceptance of payment through electronic modes

Section 269SU has been introduced by the government under Income Tax Act with an intention to promote cashless economy and digital mode of accepting payment. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. This article is a detailed discussion on Section ...

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Posted Under: Income Tax | ,

Relief to B2B business under section 269SU

Circular No. 12/2020

The Finance (No. 2) Act, 2019 introduced a new provision Section 269SU and subsequently notified Rule 119AA prescribing the modes of acceptance of payment. The government has prescribed certain modes of payment for any assessee whose total turnover or gross receipts from business exceed Rs 50 crore during the immediately preceding previou...

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Posted Under: Income Tax |

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