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of <h1>Income Tax Act Section 269SS: Loans or deposits over Rs. 10,000 must be via account payee cheque or draft, with exceptions.</h1> Section 269SS, introduced in the Income-tax Act by the Finance Act of 1984, mandates that any loan or deposit of ten thousand rupees or more must be accepted only through an account payee cheque or bank draft. This applies to all individuals except those transactions involving the government, banking companies, post office savings banks, cooperative banks, government corporations, and specified institutions. The section defines 'loan or deposit' as monetary transactions and provides specific meanings for 'banking company' and 'co-operative bank' as per existing legislation.
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