Electronic payment modes expanded to include various digital instruments, enabling non-cash payments for tax rule compliance. The amendment prescribes specific electronic payment modes-credit card, debit card, net banking, IMPS, UPI, RTGS, NEFT and BHIM Aadhar Pay-as recognised 'other electronic modes' for tax-rule compliance, effective from a specified retrospective date. It also amends the rule on payments exceeding the relevant threshold by updating the marginal heading, reducing the monetary threshold for non-cash payment requirements to include the newly prescribed electronic modes, and omitting certain sub-clauses.
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Electronic payment modes expanded to include various digital instruments, enabling non-cash payments for tax rule compliance.
The amendment prescribes specific electronic payment modes-credit card, debit card, net banking, IMPS, UPI, RTGS, NEFT and BHIM Aadhar Pay-as recognised "other electronic modes" for tax-rule compliance, effective from a specified retrospective date. It also amends the rule on payments exceeding the relevant threshold by updating the marginal heading, reducing the monetary threshold for non-cash payment requirements to include the newly prescribed electronic modes, and omitting certain sub-clauses.
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