Income Tax - SECTION 269SU: AN INTIATIVE TO BOOST DIGITAL TRANSACTION The Government of India has adopted several fiscal and non-fiscal measures to move towards a less cash economy, to reduce the generation and circulation of black money and to promote the digital economy, The GOI with a vision to transform India into a digitally empowered society...
Read MoreIncome Tax - The step of demonetization that was taken in November, 2016 was a move by the government to curb the black money circulating in the economy. Post demonetization, a large push can be felt towards the cashless economy in order to promote the transparency. Various provisions have been introduced under Income Tax Act, 1961 to ensure […...
Read MoreIncome Tax - FAQs on How to Add Prescribed Payment Modes on Income Tax Website Q. 1 Why do I need to provide details of my payment modes? Ans. As per section 269SU of the Income Tax Act, 1961, every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to the […]...
Read MoreIncome 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...
Read MoreIncome 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...
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. 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 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...
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Circular No. 16/2020-Income tax - 30/08/2020