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of <h1>Income Tax Bill 2025: Clause 185 mandates transactions over 20,000 via specified banking modes, with certain exceptions.</h1> Clause 185 of the Income Tax Bill, 2025, mandates that loans, deposits, or specified sums of twenty thousand rupees or more must be taken or accepted through account payee cheque, bank draft, electronic clearing system, or other prescribed electronic modes. Exceptions include transactions with the government, banks, government corporations, and specified institutions. The rule does not apply to transactions between parties with only agricultural income. For primary agricultural credit societies or rural development banks, the threshold is raised to two lakh rupees. The term 'loan or deposit' refers specifically to money.
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