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of <h1>Clause 189 of the Income Tax Bill, 2025, defines key terms for payment modes, including 'banking company' and 'specified sum.'</h1> Clause 189 of the Income Tax Bill, 2025, provides definitions for terms used in the chapter regarding modes of payment. It defines a 'banking company' as any company subject to the Banking Regulation Act, 1949, including banks mentioned in section 51 of that Act. 'Primary agricultural credit society' and 'primary co-operative agricultural and rural development bank' are defined as per section 149(6). A 'specified sum' refers to any money receivable related to the transfer of immovable property, regardless of whether the transfer occurs. 'Specified advance' is defined similarly, focusing on advances related to property transfers.
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