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of <h1>Finance Act 2023: Increased Rs. 2 Lakh Threshold for PACS and PCARD Transactions Under Section 269T of Income Tax Act.</h1> Section 269T of the Income Tax Act is triggered when the value of a covered transaction exceeds Rs. 20,000. This includes loans, deposits, or specified advances along with interest payable. The threshold applies whether the amounts are held individually or jointly. However, for transactions involving a Primary Agricultural Credit Society (PACS) or a Primary Co-Operative Agricultural and Rural Development Bank (PCARD) with its members, the threshold is increased to Rs. 2 lakhs, effective from April 1, 2023, as per the Finance Act, 2023.
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