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of <h1>Section 269SS Limits Cash Loan Transactions to Rs. 20K; Exceptions for PACS and PCARD Members Up to Rs. 2 Lakhs.</h1> Section 269SS of the Income Tax Act stipulates that cash transactions involving loans, deposits, or specified sums from a depositor are restricted if they amount to Rs. 20,000 or more. This includes the aggregate of new and existing unpaid loans or deposits. However, exceptions apply for transactions involving Primary Agricultural Credit Societies (PACS) or Primary Co-Operative Agricultural and Rural Development Banks (PCARD), where the threshold is increased to Rs. 2 lakhs for transactions with members. This amendment was introduced by the Finance Act, 2023, effective from April 1, 2023.
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