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of <h1>Section 50C Income-tax Act Amended: New Electronic Modes for Transactions Added, Effective April 2020</h1> Section 50C of the Income-tax Act has been amended by the Finance (No. 2) Act, 2019. In sub-section (1), the second proviso is revised to replace the term 'bank account' with 'bank account or through such other electronic mode as may be prescribed.' This change is effective from April 1, 2020, allowing for additional electronic modes of transaction beyond traditional bank accounts.
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