Businesses over Rs 50 crore to mandatorily provide e-mode of payment from Nov1: CBDT
R Sinduja
News Editor
Image Credit: shortpedia
The government asks businesses over Rs 50 crore to mandatorily provide electronics mode of payment from Nov 1. CBDT said that a new provision namely Section 269SU has been inserted in the IT Act and Section 10A has been added to the Payment and Settlement Systems Act. These new provisions will come into effect from Nov 1. To ensure compliance, a suitable penalty provision has been proposed, to be inserted in the Act.
