Amended and updated notes on section 269SU of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Acceptance of payment through prescribed electronic modes.
Chapter XXB (Sections 269SS to 269TT) of the Income Tax Act 1961 deals with the provisions related to Requirement as to mode of acceptance payment or repayment in certain cases to counteract evasion of tax. Section 269SU of IT Act 1961 provides for Acceptance of payment through prescribed electronic modes.
Recently, we have discussed in detail section 269ST (Mode of undertaking transactions) of IT Act 1961. Today, we learn the provisions of section 269SU of Income-tax Act 1961. The amended provision of section 269SU is effective for financial year 2020-21 relevant to the assessment year 2021-22.
In this article, you will learn detail of the provisions of section 269SU of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-269SU: Acceptance of payment through prescribed electronic modes
Every person, carrying on business, shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic modes, of payment, if any, being provided by such person, 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.