Imposition of charge on the prescribed electronic modes.
Dear all,
Your association SIMA is forwarding herewith a Circular No. 16/2020 dated 30.08.2020, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, Government of India in respect of Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961.
Vide the Circular, the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, the Finance (No.2) Act 2019 inserted a new provision namely section 269SU in Income-Tax Act, 1961 ("the IT Act"), which provides that every person having a business turnover of more than Rs.50 Crores during the immediately preceding previous year shall mandatorily provide facilities for accepting payments through prescribed electronic modes......TO VIEW THE FULL CIRCULAR PLEASE CLICK HERE.
Thanking You,
With regards,
For, Silvassa Industries & Manufacturers Association
Narendra Trivedi
Secretary
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