CBDT prescribes electronic payment modes for newly inserted Sec. 269SU purposes

CBDT prescribes electronic payment modes for newly inserted Sec. 269SU purposes CBDT prescribes electronic modes for accepting payments in accordance with newly inserted Sec. 269SU, inserts new Rule 119AA; Notifies 3 electronic modes, viz i) Debit Card powered by RuPay, ii) Unified Payments Interface [UPI] – BHIM-UPI and iii) UPI QR Code; Clarifies that with effect from January 1st, 2020, “the specified person must provide the facilities for accepting payment through the prescribed electronic modes.”, however, “..the penalty u/s. 271DB shall not be levied if the specified person installs and operationalizes the facilities on or before January 31, 2020..”; Lastly, clarifies that any charge including the MDR [Merchant Discount Rate] shall not be applicable on or after January 1st on payment made through prescribed electronic modes. Note: The Finance (No. 2) Act, 2019 has inserted a new section 269SU (which has come into force from 1st Nov 2019), whereby every person having a business turnover of more than Rs.50 Cr. [“specified person”] shall mandatorily provide facilities for accepting payments through prescribed electronic modes. The Finance Act has also inserted Sec. 271DB which provides for levy of penalty of Rs 5000 per day in case of failure by the specified person to comply with the provisions of Sec. 269SU [caption id="attachment_85882" align="aligncenter" width="912"] CBDT prescribes electronic payment modes for newly inserted Sec. 269SU purposes[/caption]