Mode of accepting loans and deposits: increased cash limit for member transactions with primary agricultural credit societies. The amendment raises the cash transaction threshold under section 269SS for deposits accepted by, or loans taken from, a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member, and replaces the Explanation's clause (ii) to define the cooperative terms by reference to the Explanation to the related income-tax provision. The change is effective from the commencement of the relevant financial year specified in the Bill.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mode of accepting loans and deposits: increased cash limit for member transactions with primary agricultural credit societies.
The amendment raises the cash transaction threshold under section 269SS for deposits accepted by, or loans taken from, a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member, and replaces the Explanation's clause (ii) to define the cooperative terms by reference to the Explanation to the related income-tax provision. The change is effective from the commencement of the relevant financial year specified in the Bill.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
