With effect from 1st January 2020, every person carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs. 50 crores during the immediately preceding previous year shall provide facility for accepting the payment through the following additional modes of payment:-
a. Debit card powered by Rupay
b. Unified Payment Interface (UPI) (BHIM-UPI) and
c. Unified Payment Interface Quick Response Code (UPI QR code) (BHIM UPI QR Code)
The following amendment has been introduced by inserting Rule 119AA of Income Tax Rules 1962 vide Notification no. 105/2019 dated 30th December 2019.
To view and download the notification, click here Notification 105-2019
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