CBDT invites expression of intent from Banks and Payment System for being prescribed as an eligible electronic payment mode

Oct 22, 2019 | by Avantis RegTech Legal Research Team


The Central Board of Direct Taxes (CBDT) on October 18, 2019, has invited expression of intent from Banks and Payment System Providers for being prescribed as an eligible electronic payment mode under Section 269SU of the Income-tax Act, 1961.

Whereas, CBDT inserted new Section 269SU in the Income-ta Act, 1961, which provides that every person having a business turnover of more than Rs. 50 Crore shall mandatorily provide facilities for accepting payments through prescribed electronic modes. Further, a new provision namely Section 10A was also inserted in the Payment and Settlement Systems Act 2007, which provides that no Bank or system providers shall impose any charge on a payer and a beneficiary, through electronic modes as per Section 269SU.

These provisions will come into effect from November 01, 2019. Therefore, CBDT invites expression of interest from the Banks and Payment System Providers, operating an authorized payment system under the Payment and Settlement Systems Act 2007, who are willing that their payment system may be taken into consideration for being prescribed as an eligible electronic payment mode by October 28, 2019 by e-mail at dirtpl4@nic.in.

The format along with authorized signatory for application is as below:

Name of the Bank/payment system provider

Complete address

PAN

Details of license/registration number to operate the payment system

Brief note/description on the payment system proposed to be prescribed u/s 269SU

 

 

 

 

 

 


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