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of <h1>Income-tax Act Amended to Curb Black Money: Mandates Cheque/Draft Repayment for Deposits Over Rs. 10,000.</h1> The Income-tax (Second Amendment) Act, 1981, addresses the issue of black money by amending the Income-tax Act to regulate the repayment modes of deposits exceeding Rs. 10,000. It mandates repayments via account payee cheques or drafts to curb tax evasion. Section 269T specifies this requirement for deposits made before September 19, 1981, while Section 269TT applies to the Special Bearer Bonds, 1991. Non-compliance with these provisions results in penalties under Section 276E, including imprisonment and fines. Amendments to Section 278A and Section 279 ensure rigorous punishment for repeat offenses and require prosecution at the Commissioner's instance. The Act repeals the previous Ordinance, affirming actions taken under it.
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