Exceptions to cheque requirement allow non-cheque large payments to specified institutions, rural payees, and specific transaction types. The substituted Rule 6DD enumerates specific circumstances in which payments exceeding twenty thousand rupees may be made otherwise than by account payee cheque or draft without attracting disallowance under the Income-tax Act: payments to specified banks, LIC, and the Government when legal tender is required; use of prescribed banking and electronic instruments; adjustments against liabilities; purchases from cultivators, primary producers, and cottage industries; payments in unbanked localities; certain employee terminal and salary payments; closed-bank days; agent cash payments; and authorised dealer or money changer foreign-currency purchases.
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.
Exceptions to cheque requirement allow non-cheque large payments to specified institutions, rural payees, and specific transaction types.
The substituted Rule 6DD enumerates specific circumstances in which payments exceeding twenty thousand rupees may be made otherwise than by account payee cheque or draft without attracting disallowance under the Income-tax Act: payments to specified banks, LIC, and the Government when legal tender is required; use of prescribed banking and electronic instruments; adjustments against liabilities; purchases from cultivators, primary producers, and cottage industries; payments in unbanked localities; certain employee terminal and salary payments; closed-bank days; agent cash payments; and authorised dealer or money changer foreign-currency purchases.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
