Businesses over 50 crore to have an electronic payment mode from November 1: CBDT

On Friday, the Central Board of Direct Taxes announced that businesses with a turnover of more than 50 crore will “mandatorily” have to make arrangements via electronic modes from November 1.

Based on the reports by the income tax department, no bank system shall “impose any charge on a payer making a payment or a beneficiary receiving payment,” via electronic modes of a digital payment.