Mandatory digital payments for businesses having more than Rs 50 crore topline by 31st January 2020

Has your turnover exceeded Rs.50 crore per annum in the last financial year; if yes, then the Government of India vide Income Tax Act 1961 (Section 269SU) has made it mandatory to opt for digital payments. The rule comes with effect from Jan 31, 2020.
Our point of view: You need to be ready with mandatory guidelines to ensure compliances and avoid penalties.

• Have you analyzed your ERP system and integration with banking portals?
• Are you comfortable with your Company’s data, its integrity and security?
• Is your system and network secured from external threats?
• Have you checked technology plate form for Vulnerability Assessment & Penetrations Testing (VAPT)?

If not, SW India can assist you as to the following solutions:

Payment gateway integration between website, mobile application, accounting & bank payment gateway service provider Capability to provide e-receipt, SMS acknowledgement against a unique & traceable payment advise number.

Digital reconciliations between purchase order, invoice and integrated digital bank payments (three-way matching) along with rejections if any Authentication mechanism to register, login, reset password along with Audit Trail

Automated dashboard preparation for payments Analytics and mechanism to address value wise, party wise returns/refunds and root cause summary
Vulnerability Assessment & Penetrations Testing (VAPT) website and mobile application Disaster continuity mechanism for the website & mobile application that gets integrated with payment gateway

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#automation
#analytics

What happens if you do not comply: A sum of Rs 5000 (Rupees Five Thousand) penalty per day after Jan 31’2020.