Circular 32/2019 and Notification 105/2019 - Provision of Section 269SU and Penalty @5000/- per day under Section 271DB of Income Tax Act 1961
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Therefore, with effect from 1st January, 2020, the specified person must provide the facility for accepting payment through the above mentioned prescribed electronic modes.
However, if the specified person fails to do so, he shall be liable to pay a penalty of five thousand rupees per day from 1st February, 2020 under section 271 DB of the Act for such failure. Attached is the circular for your reference.
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