Which payment modes are covered in ‘prescribed electronic modes’ for the provision of Sections 40A(3), 269SS, 269ST, 269SU, and 269T?

Which payment modes are covered in ‘prescribed electronic modes’ for the provision of Sections 40A(3), 269SS, 269ST, 269SU, and 269T?

Subject

FAQs on Disallowance of cash expenses or limit on cash transactions

etds-answer

Prescribed electronic modes include-

a) Credit Card;

b) Debit Card;

c) Net Banking;

d) IMPS (Immediate Payment Service);

e) UPI (Unified Payment Interface);

f) RTGS (Real Time Gross Settlement);

g) NEFT (National Electronic Funds Transfer); and

h) BHIM (Bharat Interface for Money) Aadhaar Pay.