Business having 95% or More B2B transaction need not comply with Section 269SU (Prescribed Electronic modes) of the Income-tax Act, 1961
Central Board of Direct Tax has issued Circular No. 12/2020 Dated 20th May, 2020, wherein clarification has been which provides when provisions of section 269SU are not applicable. Relevant Extracts of circular: Since the prescribed electronic modes have a maximum payment limit per transaction or…