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of <h1>Cash Transactions of 20 Lakh+ in Banks or Post Offices Fall Under Section 139A(1)(vii) of Income Tax Rules 1962</h1> Transactions under clause (vii) of sub-section (1) of section 139A of the Income Tax Rules, 1962, include cash deposits or withdrawals totaling twenty lakh rupees or more in a financial year in accounts with banks or post offices, and opening current or cash credit accounts with such institutions. These rules do not apply to non-residents or foreign companies without taxable income in India, or transactions with IFSC banking units. The provisions were updated by notifications in May 2022 and October 2023.
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