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of <h1>New Income Tax Bill Clause 188: Repayments Over 20,000 Must Use Cheque or Electronic Modes; Exceptions Apply</h1> Clause 188 of the Income Tax Bill, 2025, mandates that repayments of loans, deposits, or specified advances of twenty thousand rupees or more must be made through an account payee cheque, bank draft, electronic clearing system, or other prescribed electronic modes. Exceptions include repayments to government entities, banks, and certain notified bodies. For primary agricultural credit societies or rural development banks, the threshold is increased to two lakh rupees. Additionally, banks may credit repayments directly to the recipient's account. The term 'loan or deposit' covers any repayable monetary loan or deposit, including those requiring notice or a specified period.
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