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