Specified modes of payment
Introduction
Rule 48 prescribes the acceptable electronic modes to receive or pay a sum. These modes include credit card, debit card, net banking, BHIM, UPI, NEFT, etc.
1. Prescribed electronic modes
1.1. Relevant provisions
Following provisions of the Income-tax Act provides for receipt or payment through prescribed electronic modes:
| Section | Description |
| Schedule VIII | Receipt of donation in excess of Rs. 2,000 |
| Section 46 | Capital expenditure in excess of Rs. 10,000 |
| Section 36 | Payment in excess of Rs. 10,000 or Rs. 35,000, as the case may be |
| Section 39 | Payment in excess of Rs. 10,000 for purchase of a capital asset |
| Section 53 | To consider the date of agreement for the purpose of computing full value of consideration |
| Section 58 [Table S. No. 1] | Modes through which payment can be received for declaring presumptive income at the rate of 6% |
| Section 78 | To consider the date of agreement for the purpose of computing full value of consideration |
| Section 92 | To consider the date of agreement for the purpose of computing full value of consideration |
| Section 146 | Payment of emoluments to employees |
| Section 185 | Taking or accepting certain loans, deposits and specified sum of Rs. 20,000 or more. |
| Section 186 | Receipts more than Rs. 2 lakhs |
| Section 188 | Repayment of certain loans or deposits of Rs. 20,000 or more |
1.2. Prescribed electronic modes
The CBDT has prescribed the following electronic modes through which payment or receipt can be made by the assessee:
(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".
(i) Tier-III: Full FYC Central Bank Digital Currency wallets, P-CB-DC, Wholesale/Cross-border CBDC.
This article is general information and not tax advice. Provisions change. Confirm your position with a qualified professional before acting.