Sections 40A(3) of the Income-tax Act, 1961--Payments in excess of Rs. 2,500 to be made by crossed cheques or crossed bank drafts--Suspension of clearing operations by banks--Clarification regarding
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Crossed cheque requirement clarified for payments above threshold when bank clearing operations are suspended. Circular No. 250 clarifies the application of the income tax rule requiring payments above the cashiering threshold to be made by crossed cheques or crossed bank drafts, and explains how that requirement operates when banks have suspended clearing operations, providing procedural guidance for compliance during interruptions to clearing facilities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Crossed cheque requirement clarified for payments above threshold when bank clearing operations are suspended.
Circular No. 250 clarifies the application of the income tax rule requiring payments above the cashiering threshold to be made by crossed cheques or crossed bank drafts, and explains how that requirement operates when banks have suspended clearing operations, providing procedural guidance for compliance during interruptions to clearing facilities.
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