India - Income Tax Act 2010 - Saarc

1.889 CH. XX-B - REQUIREMENT AS TO MODE OF ACCEPTANCE, ETC. S. 269SS52[CHAPTER XX-BREQUIREMENT AS TO MODE OF 53 [ACCEPTANCE, PAYMENT OR]REPAYMENT IN CERTAIN CASES TO COUNTERACTEVASION OF TAX53[Mode of taking or accepting certain loans and deposits.54269SS. No person shall, after the 30th day of June, 1984, take or accept fromany other person (hereafter in this section referred to as the depositor),any loan or deposit otherwise than by an account payee cheque or account payeebank draft if,—(a) the amount of such loan or deposit or the aggregate amount of suchloan and deposit ; or(b) on the date of taking or accepting such loan or deposit, any loan ordeposit taken or accepted earlier by such person from the depositoris remaining unpaid (whether repayment has fallen due or not), theamount or the aggregate amount remaining unpaid ; or(c) the amount or the aggregate amount referred to in clause (a) togetherwith the amount or the aggregate amount referred to in clause (b),is 55 [twenty] thousand rupees or more :Provided that the provisions of this section shall not apply to any loan or deposittaken or accepted from, or any loan or deposit taken or accepted by,—(a) Government ;(b) any banking company, post office savings bank or co-operative bank ;(c) any corporation established by a Central, State or Provincial Act ;(d) any Government company 56 as defined in section 617 of the CompaniesAct, 1956 (1 of 1956) ;(e) such other institution, association or body or class of institutions,associations or bodies which the Central Government may, forreasons to be recorded in writing, notify 57 in this behalf in the OfficialGazette :58[Provided further that the provisions of this section shall not apply to any loanor deposit where the person from whom the loan or deposit is taken or acceptedand the person by whom the loan or deposit is taken or accepted are both havingagricultural income and neither of them has any income chargeable to tax underthis Act.]52. Chapter XX-B inserted by the Income-tax (Second Amendment) Act, 1981, w.e.f.11-7-1981.53. Inserted by the Finance Act, 1984, w.e.f. 1-4-1984.54. See also Circular No. 522, dated 18-8-1988. For details, see Taxmann’s Master Guide toIncome-tax Act.55. Substituted for “ten” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.56. For definition of “Government company”, see footnote 71 on p. 1.23 ante.57. For notification specifying institution, see Taxmann’s Master Guide to Income-tax Act.58. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.