Executive Summary:
This notification from the Central Board of Direct Taxes amends the Incometax Rules of 1962, introducing the Incometax 16th Amendment Rules, 2019. It mandates specific electronic payment modes for businesses exceeding ₹50 crore in sales, turnover, or gross receipts in the preceding year. These rules take effect on January 1, 2020.
Key Points / Main Content:
* **Amendment Title and Effective Date:**
* These rules are called the "Incometax 16th Amendment Rules, 2019."
* They come into force on January 1, 2020.
* **Insertion of Rule 119AA:**
* Rule 119AA is inserted after rule 119A in the Incometax Rules, 1962.
* **Mandatory Electronic Payment Modes:**
* Businesses with sales, turnover, or gross receipts exceeding ₹50 crore in the immediately preceding previous year must provide facilities for accepting payments through:
* Debit Cards powered by RuPay.
* Unified Payments Interface (UPI BHIMUPI).
* Unified Payments Interface Quick Response Code (UPI QR Code BHIMUPI QR Code).
* This is in addition to any other electronic payment methods already provided.
Impact Analysis:
Businesses with High Turnover:
* Impact: Businesses whose total sales, turnover, or gross receipts exceed fifty crore rupees during the immediately preceding previous year must adopt the specified payment methods.
* Action Required: Implement RuPay debit card acceptance, UPI (BHIMUPI), and UPI QR Code (BHIMUPI QR Code) payment options by January 1, 2020, in addition to any other electronic payment methods already in place.
Central Board of Direct Taxes:
* Impact: Responsible for implementing and enforcing the new Incometax 16th Amendment Rules, 2019.
* Action Required: Ensure effective communication and compliance monitoring of the new rules.
Key Entities Referenced
Income-tax Act, 1961: A law of India, specifically act 43 of 1961, which this notification amends.
Central Board of Direct Taxes: The organization issuing the notification under the Ministry of Finance.
Income-tax Rules, 1962: The rules that are being amended by this notification, in particular, adding rule 119AA.
Income-tax 16th Amendment Rules, 2019: The short title for the rules established by this notification.
Section 269SU: A section of the Income-tax Act, 1961 that confers powers related to modes of payment.
Section 295: A section of the Income-tax Act, 1961 that confers powers to make rules.
RuPay: A debit card service mentioned as an accepted electronic mode of payment.
Unified Payments Interface: A payment system that includes UPI, BHIMUPI, and UPI QR Code BHIMUPI QR Code, all mentioned as accepted electronic modes of payment.
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[अिधसूचना स..ं.. 105/2019/फा. सं. 370142/35/2019----टीपीएल]
अंकुर गोयल, अवर सिचव
6732 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 30th December, 2019
G.S.R. 960(E).—In exercise of the powers conferred by section 269SU read with section 295 of the
Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules
further to amend Income-tax Rules, 1962, namely:—
1. Short title and commencement.—(1) These rules may be called the Income-tax (16th Amendment)
Rules, 2019.
(2) They shall come into force from 1st day of January, 2020.
2. In the Income-tax Rules, 1962, after rule 119A, the following rule shall be inserted, namely:—
“119AA. Modes of payment for the purpose of section 269SU.- 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, namely:—
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and
(iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).”.
[Notification No.105/2019/F. No. 370142/35/2019-TPL]
ANKUR GOYAL, Under Secy.
Note : The principal rules were published in the Gazetted of India, Extraordinary, Part-II Section-3,
Sub-section (ii) vide number S.O. 969(E) dated the 26th march, 1962 and were last amended by the
Income-tax (15th Amendment) Rules, 2019 vide notification No. G.S.R. 937(E), dated the
18th December, 2019.
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and Published by the Controller of Publications, Delhi-110054.