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Income Tax - 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...
Read MoreIncome Tax - 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 ...
Read MoreIncome Tax - 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...
Read MoreIncome Tax - Before providing details of relaxation specified in the circular of CBDT No. 12/2020 dated 20th May, 2020 We should discuss about the newely section 269SU which talks about payment acceptance through the electronic modes. As an initiative of the government to boost and promote the digital transaction and cashless economy, the Government o...
Read MoreIncome Tax - CBDT issued Circular No. 12/2020 clarifying that provisions of Section 269SU shall not apply, if: a) Specified person having only B-2-B transaction (i.e. no transaction with Retail customer/consumer) b) At least 95% of aggregate of all amounts received during previous year is from mode other than cash....
Read MoreIncome 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...
Read MoreCircular 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...
Read MoreNotification 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...
Read MoreCircular 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....
Read MoreFTS- 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...
Read MoreTHE FINANCE (NO. 2) ACT, 2019 NO. 23 OF 2019 - (01/08/2019) - THE FINANCE (NO. 2) ACT, 2019 - NO. 23 OF 2019 received the assent of the President on the 1st August, 2019, and is hereby published for general information:—...
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Circular No. 12/2020 -
Circular No. 12/2020-Income Tax - (20/05/2020) -
