Income Tax Act, 2025
Section 3: Subs. by Act 20 of 2015, s. 68, for section 269SS (w.e.f. 12015).
3. Subs. by Act 20 of 2015, s. 68, for section 269SS (w.e.f. 12015).
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1[269ST. Mode of undertaking transactions.—No person shall receive an amount of two lakh
rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing
system through a bank account:
Provided that the provisions of this section shall not apply to—
(i) any receipt by—
(a) Government;
(b) any banking company, post office savings bank or co-operative bank;
(ii) transactions of the nature referred to in section 269SS;
(iii) such other persons or class of persons or receipts, which the Central Government may, by
notification in the Official Gazette, specify.
Explanation.—For the purposes of this section,—
(a) “banking company” shall have the same meaning as assigned to it in clause (i) of the
Explanation to section 269SS;
(b) “co-operative bank” shall have the same meaning as assigned to it in clause (ii) of the
Explanation to section 269SS.]
2[269T.Mode of repayment of certain loans or deposits.—No branch of a banking company or a
co-operative bank and no other company or co-operative society and no firm or other person shall repay
any loan or deposit made with it 3[or any specified advance received by it] otherwise than by an account
payee cheque or account payee bank draft drawn in the name of the person who has made the loan or
deposit 3[or paid the specified advance,] 4[or by use of electronic clearing system through a bank account]
if—
(a) the amount of the loan or deposit 3[or specified advance] together with the interest, if any,
payable thereon, or
(b) the aggregate amount of the loans or deposits held by such person with the branch of the
banking company or co-operative bank or, as the case may be, the other company or co-operative
society or the firm, or other person either in his own name or jointly with any other person on the date
of such repayment together with the interest, if any, payable on such loans or deposits, 3[or]
3[(c) the aggregate amount of the specified advances received by such person either in his own
name or jointly with any other person on the date of such repayment together with the interest, if any,
payable on such specified advances,]
in aggregate from a person in a day; or
in respect of a single transaction; or
in respect of transactions relating to one event or occasion from a person,
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing
system through a bank account:
Provided that the provisions of this section shall not apply to—
any receipt by—
Government;
any banking company, post office savings bank or co-operative bank;
transactions of the nature referred to in section 269SS;
such other persons or class of persons or receipts, which the Central Government may, by
notification in the Official Gazette, specify.
Explanation.—For the purposes of this section,—
“banking company” shall have the same meaning as assigned to it in clause
of the
Explanation to section 269SS;
“co-operative bank” shall have the same meaning as assigned to it in clause
of the
Explanation to section 269SS.]
2[269T.Mode of repayment of certain loans or deposits.—No branch of a banking company or a
co-operative bank and no other company or co-operative society and no firm or other person shall repay
any loan or deposit made with it 3[or any specified advance received by it] otherwise than by an account
payee cheque or account payee bank draft drawn in the name of the person who has made the loan or
deposit 3[or paid the specified advance,] 4[or by use of electronic clearing system through a bank account]
if—
the amount of the loan or deposit 3[or specified advance] together with the interest, if any,
payable thereon, or
the aggregate amount of the loans or deposits held by such person with the branch of the
banking company or co-operative bank or, as the case may be, the other company or co-operative
society or the firm, or other person either in his own name or jointly with any other person on the date
of such repayment together with the interest, if any, payable on such loans or deposits, 3[or]
3[
the aggregate amount of the specified advances received by such person either in his own
name or jointly with any other person on the date of such repayment together with the interest, if any,
payable on such specified advances,]