The Central Board of Direct Taxes (CBDT) has announced that all businesses with a turnover of more than Rs 50 crore shall “mandatory” have to make arrangements to accept payments through electronic modes from November 1.
The CBDT also informed that no bank or provider of a digital payment system shall “impose any charge on a payer making payment, or a beneficiary receiving payment” through electronic modes. The CBDT has informed that a new provision namely Section 269SU, has been inserted in the Income-tax Act.
The decision is based on the government’s decision to promote digital payments and less-cash economy articulated in the budget presented by finance minister Nirmala Sitharaman on July 5, 2019.
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