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of <h1>Income Tax Bill 2025 Clause 188 prohibits cash loan repayments above twenty thousand rupees</h1> The Income Tax Bill 2025's Clause 188 regulates repayment modes for loans, deposits, and specified advances, succeeding Section 269T of the Income Tax Act 1961. It prohibits cash repayments above twenty thousand rupees by banking companies, cooperative banks, other companies, firms, and individuals. Permitted modes include account payee cheques, bank drafts, electronic clearing systems, and prescribed electronic modes. The provision uses aggregation mechanisms to prevent circumvention through transaction splitting. Exemptions apply to government entities, banking companies, and notified institutions. Agricultural credit societies receive enhanced thresholds of two lakh rupees. The clause aims to enhance transaction transparency, prevent tax evasion, and promote digital payments while maintaining structural similarity to existing provisions.
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