Income-tax (16th Amendment) Rules, 2019

Dec 31, 2019 | by Avantis RegTech Legal Research Team


The Central Board of Direct Taxes (CBDT) on December 30, 2019, has published the Income-tax (16th Amendment) Rules, 2019, to further amend the Income-tax Rules, 1962.

Rule 119AA has been inserted, namely:

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).

They will come into force from January 01, 2020.

[Notification No. G.S.R. 960(E)]

 


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