Direct Tax Important Updates for Jan 2020


Direct Tax Important Updates for Jan 2020

Notifications and Circulars

Notification No.105/2019
Date – 30th December 2019

Notification regarding modes of payment for the purpose of section 269SU

CBDT has made amendments in the Income-tax Rules, 1962

In the Income-tax Rules, 1962, after rule 119A, the following rule shall be inserted, namely:— “119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes, in addition to the facility for other electronic modes of payment, if any, being provided by such person, namely:—

(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and
(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).”.

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Direct Tax Important Updates for Jan 2020

Notification No.106/2019
Date – 30th December 2019

Notification regarding Anti-Corruption Bureau, Government of Rajasthan, Jaipur

In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director General, Anti-Corruption Bureau, Government of Rajasthan, Jaipur for the purpose of said clause.

It is clarified that income-tax authority, as specified in Notification No. S.O. No. 731(E) dated 28.07.2000, shall –

• furnish only relevant and precise information after forming an opinion that furnishing of such information is necessary so as to enable the above notified authority to perform its functions under the law being administered by it; and
• convey to the authority being specified vide this notification to maintain absolute confidentiality in respect of information being furnished.

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Notification No.107/2019
Date – 30th December 2019

CBDT has amended the Notification dated 28th September, 2019

In the said notification:—

31st December, 2019 shall be substituted by 31st March, 2020.

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Notification No.01/2020
Date – 3rd January 2020

CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21

CBDT has notified ITR-1 and ITR-4 for Assessment year 2020-21.

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Circular No. 31/2019
Date – 19th December 2019

Order under section 119(2) of the Income-tax Act, 1961- Extension of the due date of payment of tax deducted at source under 194M of the Act -reg.

Considering the fact that the utility for payment of tax deducted at source under section 194M of the Income-tax Act, 196I(the Act) was deployed on 17.12.2019, CBDT has extended the due date for payment of tax deducted at source under section 194M during the month of September, 2019 and October, 2019 and the due date for furnishing the challan-cum-statement in Form 26QD for the same, from 31.10.2019 and 30.11.2019 respectively to 31.12.2019. Consequently, the due date of furnishing of the certificate of deduction of tax in Form 16D has also been extended for the tax deducted during the month of September, 2019 and October, 2019 to 15.01.2020.

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Circular No. 32/2019
Date – 30th December 2019

Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 – reg

A new provision namely Section 269SU was inserted in the Income-tax Act, 1961 (“the Act”), vide the Finance (o.2) Act 2019 (“the Finance Act”) to encourage digital economy and move towards a less-cash economy, which provides that every person having a business turnover of more than Rs 50 Crore (“specified person”) shall mandatorily provide facilities for accepting payments through prescribed electronic modes.

Further, Section lOA of the Payment and Settlement Systems Act 2007, inserted by the Finance Act, 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 Act.

Consequently, any charge including the MDR (Merchant Discount Rate) shall not be applicable on or after 01 ” January, 2020 on payment made through prescribed electronic modes.

In this connection, it may be noted that the Finance Act has also inserted section 271 DB in the Act, which provides for levy of penalty of five thousand rupees per day in case of failure by the specified person to comply with the provisions of section 269SU. In order to allow sufficient time to the specified person to install and operationalise the facility for accepting payment through the prescribed electronic modes, it is hereby clarified that the penalty under section 271 DB of the Act shall not be levied if the specified person installs and operationalises the facilities on or before 31″ January, 2020. However, if the specified person fails to do so, he shall be liable to pay a penalty of five thousand rupees ay m 01″ February, 2020 under section 271 DB of the Act for such failure.

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