Compulsory e-payment facility for above 50 Crore turnover As per circular No. FTS - 1275045/2019 of the Ministry of Finance dated 18th Oct 2019 enable
Compulsory e-payment facility for above 50 Crore turnover
As per circular No. FTS - 1275045/2019 of the Ministry of Finance dated 18th Oct 2019 enables Compulsory payment via an electronic mode of payments for businesses with a turnover of more than 50 crore rupees with effect from 1st November 2019.
To this effect Section 269SU has been inserted in the Income Tax Act 1961 vide the Finance (No. 2 ) Act 2019 which provides the provision for accepting payment through prescribed electronics modes whose turnover is more than Rs. 50 Crore.
Along with this, a new provision Section 10A has been inserted in the Payment and Settlement System Act 2007 which prohibits the Bank or Payment System provider from charging on a payment made as per Section 269SU of the Income-tax Act 1961.
For the implementation of Section 269SU applications are invited from the Bank and Payment System providers so that they can modify the payment system as per Section 269SU of the Income Tax Act 1961.
The application shall be made in the given format and duly signed by the authorised signatory :
1. Name of Bank or Payment System Provider.
2. Complete the address of the Bank or Payment System Provider.
3. Pan of Bank or Payment System Provider.
4. Registration number or license details for providing a Payment System.
5. What Payment system is proposed u/s 269SU brief details about it
To this effect Section 269SU has been inserted in the Income Tax Act 1961 vide the Finance (No. 2 ) Act 2019 which provides the provision for accepting payment through prescribed electronics modes whose turnover is more than Rs. 50 Crore.
Along with this, a new provision Section 10A has been inserted in the Payment and Settlement System Act 2007 which prohibits the Bank or Payment System provider from charging on a payment made as per Section 269SU of the Income-tax Act 1961.
For the implementation of Section 269SU applications are invited from the Bank and Payment System providers so that they can modify the payment system as per Section 269SU of the Income Tax Act 1961.
The application shall be made in the given format and duly signed by the authorised signatory :
1. Name of Bank or Payment System Provider.
2. Complete the address of the Bank or Payment System Provider.
3. Pan of Bank or Payment System Provider.
4. Registration number or license details for providing a Payment System.
5. What Payment system is proposed u/s 269SU brief details about it
COMMENTS