Clarification in respect to transaction for 269SU – Exemption to B2B businesses from installing e-payment facilities
Greetings!
Today, the CBDT has issued a much awaited clarification in respect of prescribed electronic modes u/s. 269SU of the Income-tax Act, 1961. This section (read with earlier notification) required every person carrying on business and having sales/turnover/gross receipts from business of more than Rs 50 Crores (“specified person”) in the immediately preceding previous year to mandatorily provide facilities for accepting payments through prescribed electronic modes, namely:
a) Debit Card powered by RuPay;
b) Unified Payments Interface (UPI) (BHIM-UPI); and
c) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)
It has now been clarified that the provisions of Sec. 269SU shall not be applicable to a specified person having only B2B transactions or substantially (minimum 95%) B2B transactions. Considering heavy penalty exposure of INR 5,000 per day for non-compliance, this clarification gives a much needed relief to taxpayers in B2B segment.
We are pleased to send you the copy of the NEWSFLASH on Clarification in respect to transaction for 269SU – Exemption to B2B businesses from installing e-payment facilities
Hope you find it useful and informative.
CBDT Issues clarification in respect of compliance of Section 269SU by businesses in B2B segment