Businesses with +50Cr Turnover shall provide facility for accepting payment through UPI, UPI QR Code and Debit Card(RuPay)

In the Income-tax Rules, 1962, after rule 119A, the following rule shall be inserted, namely:—
“119AA. 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).”

Leave a Comment

Your email address will not be published. Required fields are marked *