CBDT vide Notification No. 8/2020 dated 29.01.2020 has inserted Rule 6ABBA of IT Rules w.r.e.f 1st Sept 19 prescribing following “Other Electronic Modes” of payments/receipts for the purposes of Section 13A, 35AD, 40A(3) & (3A), 43, 43CA, 44AD, 50C, 56(2)(x), 80JJAA, 269SS, 269ST and 269T:

• Credit Card;
• Debit Card;
• Net Banking;
• IMPS
• UPI;
• RTGS;
• NEFT; and
• BHIM Aadhar Pay;

Also amended Rule 6DD to incorporate “Other Electronic Modes” specified in Rule 6ABBA. Moreover words “Exceeding Rs. 20,000” are also substituted with “Exceeding Rs. 10,000” to sync rule 6DD with Section 40A(3) & (3A) wherein the limit of cash expense was reduced to Rs. 10,000 earlier vide Finance Act, 2017;

For details, please refer Notification No. 8/2020 enclosed herewith. >> Click here <<