Section 269SU was introduced by Finance Act, 2019 w.e.f. 01.11.2019 wherein it was mentioned that:
“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.“
Penalty u/s 271DB was also introduced wherein it was mentioned that if assessee doesn’t comply with section 269SU penalty of Rs. 5000/ day would be levied.
Later, CBDT vide notification 105/2019 Dt. 30.12.2019, has notified 3 more methods in addition to the existing methods through which assessee should accept payments.
Now CBDT has started sending e-mails to assessee whose turnover during previous F.Y. was above Rs. 50 crore to complete their compliance till 31.01.2020. As soon as they log in to their E-filing account they are straight away directed to such compliance, where they need to mention whether they have implemented the above 3 methods or not and if not what is the tentative date of implementation.
If you are not getting redirected to such compliance then you must log in then under Compliance you will find an option named as Prescribed payment modes click that you will see the above image.
It will be available only for those whose turnover was above Rs. 50 crore in previous F.Y., for others it will show “No Records Found”
Therefore to save yourself from penalty its better to complete such compliance.
There are various issues related to above compliance:
Many people who are just dealing in manufacturing of goods and who only accept payment in cheque or online are arguing if they really need to comply with it as it would just add to their cost and compliance.
Also people dealing in only export of goods also have the same question. There is a constant argument that such compliance should only be mandated on businesses involved in retail sales.
However as of now no such relaxation has been provided.
Also many people are looking at it as a tool of government to increase its revenue, as they will receive rent for such Rupay machines to fill the deficit of their budget.
Let’s see if we get some further clarification on above queries in the coming days.
If you need assistance you can ask a question to our expert and get the answer within an hour or post a comment about your views on the post and also subscribe to our newsletter for latest weekly updates.
Comments 2