The Income-tax (3rd Amendment) Rules, 2020

Jan 31, 2020 | by Avantis RegTech Legal Research Team

Finance & Taxation Compliance

The Ministry of Finance on January 29, 2020, notifies the Income-tax (3rd Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962.

The followings are the amendments made in Income-tax Rules, 1962:-

 A new Rule 6ABBA related to “Other electronic modes” has been inserted, namely:

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) Aadhar Pay

This Rule shall be deemed to have been inserted from September 01, 2019,

 Under Rule 6DD, it has been stated that the cases and circumstances in which a payment or aggregate of payments exceeding Rs. 10 thousand may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as prescribed in Rule 6ABBA.

This Notification shall come into force on the date of its publication in the Official Gazette that is January 30, 2020.

[Notification No. G.S.R. 56(E)]


Related Updates

Alternate Text

Get updates on the go on RuleZbook Mobile App.