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of <h1>Income Tax Act Section 269T Amended: Loan Repayments Now Allowed via Electronic Clearing System for Greater Flexibility.</h1> Section 269T of the Income-tax Act has been amended by the Finance (No. 2) Act, 2014, to include the option of repayment through an electronic clearing system via a bank account. This amendment specifies that repayments of loans or deposits can now be made not only by cheque or account payee bank draft but also through electronic means. This change is effective from April 1, 2015, enhancing the flexibility and modernizing the methods of repayment under the Act.
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