Acceptance of payment through prescribed electronic modes - Section 269SU & Section 271DB

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..... 1961 ( the Act ), vide the Finance (No. 2) Act 2019 , After section 269ST of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019. Acceptance of payment through prescribed electronic modes - Section 269SU Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to the faci .....

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..... ection 269SU then he shall be liable to pay, by way of penalty, a sum of ₹5,000, for every day during which such failure continues. No such penalty shall be imposable if such person proves that there were good and sufficient reasons for such failure. Such Any penalty shall be imposed by the Joint Commissioner of Income-tax. As per Rule 119AA of Income Tax Rule, Prescribed Electronic Modes De .....

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