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of <h1>Income-tax Act Section 40A(3) Clarifies Payment Methods Amid Bank Clearing Suspension, Ensures Compliance with Rs. 2,500 Rule.</h1> Sections 40A(3) of the Income-tax Act, 1961, mandate that payments exceeding Rs. 2,500 must be made via crossed cheques or crossed bank drafts. This circular addresses concerns arising from the suspension of bank clearing operations, clarifying the procedure for such transactions. The guidance is directed to all Commissioners of Income-tax to ensure compliance and understanding of the requirements despite the operational disruptions in banks. This circular, dated January 11, 1979, reiterates the stipulations outlined in a previously published circular.
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