Income Tax Act, 2025
Section 4: Ins. by Act 25 of 2014, s. 69 (w.e.f. 12015).
4. Ins. by Act 25 of 2014, s. 69 (w.e.f. 12015).
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is twenty thousand rupees or more:
Provided that where the repayment is by a branch of a banking company or co-operative bank, such
repayment may also be made by crediting the amount of such loan or deposit to the savings bank account
or the current account (if any) with such branch of the person to whom such loan or deposit has to be
repaid:
1[Provided further that nothing contained in this section shall apply to repayment of any loan or
deposit 2[or specified advance] taken or accepted from—
(i) Government;
(ii) any banking company, post office savings bank or co-operative bank;
(iii) any corporation established by a Central, State or Provincial Act;
(iv) any Government companyas defined in section 617 of the Companies Act, 1956
(1 of 1956);
(v) such other institution, association or body or class of institutions, associations or bodies which
the Central Government may, for reasons to be recorded in writing, notify in this behalf in the
Official Gazette.]
Explanation.—For the purposes of this section,—
(i) “banking company” shall have the meaning assigned to it in clause (i) of
the Explanation to section 269SS;
(ii) “co-operative bank” shall have the meaning assigned to it in Part V of the Banking Regulation
Act, 1949 (10 of 1949);
(iii) “loan or deposit” means any loan or deposit of money which is repayable after notice or
repayable after a period and, in the case of a person other than a company, includes loan or deposit of
any nature;]]
2[(iv) “specified advance” means any sum of money in the nature of advance, by whatever name
called, in relation to transfer of an immovable property, whether or not the transfer takes place.]
3[269TT.Mode of repayment of Special Bearer Bonds, 1991.—Notwithstanding anything
contained in any other law for the time being in force, the amount payable on redemption of Special
Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in
the name of the person to whom such payment is to be made.]
Government;
any banking company, post office savings bank or co-operative bank;
any corporation established by a Central, State or Provincial Act;
any Government companyas defined in section 617 of the Companies Act, 1956
(1 of 1956);
such other institution, association or body or class of institutions, associations or bodies which
the Central Government may, for reasons to be recorded in writing, notify in this behalf in the
Official Gazette.]
Explanation.—For the purposes of this section,—
“banking company” shall have the meaning assigned to it in clause
of
the Explanation to section 269SS;
“co-operative bank” shall have the meaning assigned to it in Part V of the Banking Regulation
Act, 1949 (10 of 1949);
“loan or deposit” means any loan or deposit of money which is repayable after notice or
repayable after a period and, in the case of a person other than a company, includes loan or deposit of
any nature;]]
2[
“specified advance” means any sum of money in the nature of advance, by whatever name
called, in relation to transfer of an immovable property, whether or not the transfer takes place.]
3[269TT.Mode of repayment of Special Bearer Bonds, 1991.—Notwithstanding anything
contained in any other law for the time being in force, the amount payable on redemption of Special
Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in
the name of the person to whom such payment is to be made.]