Sunday, May 24, 2020

IncomeTaxUpdate


Section 269SU of Income tax act states that any person carrying on business and having sales or receipts more than 50 crores during immediately preceeding previous year will have to provide facility to accept payments through electronic modes like:-
1. Debit card
2. BHIM UPI
3. UPI QR code

Circular 12/2020 was released by dept. on 23.05.2020 to allow persons carring only B2B businesses not to comply the above provisions provided 95% of their receipts come from modes other than cash.

This circular came to resolve the issue that in B2B businesses size of payments is usually big and accepting such heavy amounts through above mentioned modes is not possible.
Such receipts are possible commonly through NEFT/RTGS only.

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