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
Section 269SU is mandatory for all those Assesses whose turnover or Gross Receipts exceeds 50 Cr. So, here is the description:-
1. If Total Sales or Turnover or Gross Receipts exceeds 50 Crore rupees during immediately preceding Previous Year shall provide facility for accepting payment through prescribed electronic modes, in addition to the facility for other electronic modes ,of payment, if any, being provided by such person.
2. Specified Electronic modes are:-
a. Dr. card powered by Rupay
b. UPI or BHIM UPI, or
c. BHIM UPI QR Code or QR Code
Also, banks or the provider shall not impose any charge on the payer making payment or beneficiary receiving payment through electronic modes.
3. Prescribed modes on the portal will only be shown to Assessee when the Assessee has received this message regarding this section by Income Tax Authority on a registered Mail ID.