Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 69D: Hundi Transactions Must Be Through Account Payee Cheque to Avoid Being Taxed as Income.</h1> Section 69D of the Income-tax Act, 1961, introduced by the Taxation Laws (Amendment) Act, 1975, effective from April 1, 1977, mandates that any amount borrowed or repaid on a hundi, unless through an account payee cheque, will be assessed as income for the year of transaction. This applies to interest on such borrowings as well. Hundis, not defined in the Act, are indigenous instruments used for collecting dues without currency. The provision does not apply to other loans like those between employees and employers or banks. Compliance is required for all transactions post-April 1, 1977, regardless of the hundi's execution date.
TaxTMI 
TaxTMI 
