Income tax vide Circular no. 32/2019 dated 30th December, 2019.
A new provision namely Section 269SU was inserted in the Income-tax Act, 1961, vide the Finance (No. 2) Act 2019, 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.
Prescribed modes are as mentioned below which is in addition to the facility for other electronic modes of payment,
- Debit Card powered by RuPay
- Unified Payments Interface (UPI) (BHIM-UPI)
- Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code)
Therefore, with effect from 1st January, 2020, the specified person must provide the facilities for accepting payment through the prescribed electronic modes.
Further, Section 10A of the Payment and Settlement Systems Act 2007, inserted by the Finance Act, provides
that no Bank or system provider shall impose any charge on a payer making payment, or a beneficiary receiving payment, through electronic modes prescribed under Section 269SU of the Act.
It has also inserted section 271DB in the Income-tax Act, 1961 that levy of penalty of five thousand rupees per day in case of failure by the specified person to comply with the provisions of section 269SU. This section is applicable from 1st February. 2020
https://www.incometaxindia.gov.in/communications/circular/circular_32_2019.pdf