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Income-tax Act, 1961

Section - 269SS - Mode of taking or accepting certain loans, deposits and specified sum

CHAPTER XX-B

REQUIREMENT AS TO MODE OF ACCEPTANCE, PAYMENT ORREPAYMENT IN CERTAIN CASES TO COUNTERACT EVASION OF TAX

Mode of taking or accepting certain loans, deposits and specified sum.

269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed, if,-

(a)- the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or
(b)- on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or
(c)- the amount or the aggregate amount referred to in clause (a) together with the amount or the aggreg .... To read the full section download the app from Google Play store

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