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of <h1>Section 269T: Repayments of Rs.10,000+ Must Be Via Cheque/Draft; Commission Agent Proceeds Clarified as Non-Deposits.</h1> Section 269T of the Income-tax Act, 1961, mandates that repayments of deposits totaling Rs.10,000 or more must be made via account payee cheque or bank draft. The Direct Tax Laws (Amendment) Act, 1987, expanded the definition of 'deposit.' The Central Board of Direct Taxes clarifies that sale proceeds retained by commission agents, known as 'Kachcha Arhatiyas,' from agriculturists do not constitute deposits unless specifically directed by the agriculturist to be retained as such. If directed, these proceeds are considered deposits and must comply with Section 269T repayment rules.
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