Transactions for the purposes of clause (vii) of sub-section (1) of section 139A

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....deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office; (b) cash withdrawal or withdrawals aggregating to twenty lakh ru....

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....unt not being a cash credit account as per clause (c) of this rule, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. Explanation.-- For the purposes of this rule, "IFSC banking un....