In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act 1961, vide the Finance (No. 2) Act 2019, which provides that every person having a business turnover of more than Rs. 50 Crore during the immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes.
Further, a new provision namely Section 10A was also inserted in the Payment and Settlement Systems Act 2007, which provides that no Bank or system provider shall impose any charge on a payer making payment, or a beneficiary receiving payment, through electronic modes prescribed under Section 269SU of the Income-tax Act 1961.
The following electronic modes of payment for the purposes of Section 269SU have been prescribed vide notification no. 105/2019 dated 30.12.2019 :-
In cases where the payment is to be made through Debit card power by Rupay please mail us at firstname.lastname@example.org. We will provide you a link through which payment can be made.
- SBL Specialty Coatings Private Limited, Haibatpur Road,
Derabassi -140507, Punjab (INDIA)