The Central Board of Direct Taxes (CBDT) has issued clarification on Section 269SU being not applicable on B2B transactions. The circular stated that if more than 95% of the aggregate of all amounts received during the previous year, including the amount received for sales, turnover or gross receipts, or by any mode other than cash, then the provisions of section 269SU of the Income Tax Act shall not be applicable.
Clarifications in respect of prescribed electronic modes under section 269su of the income tax act, 1961
- on May 31, 2020
- in Articles