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of <h1>Income Tax Bill 2025 Clause 450 imposes penalties equal to loan amount for violating section 185 deposit acceptance rules</h1> The Income Tax Bill 2025's Clause 450 introduces penalties for violating section 185 regarding loan and deposit acceptance, succeeding Section 271D of the Income-tax Act 1961. The penalty equals the amount of loan, deposit, or specified sum taken in contravention of prescribed conditions. Key changes include transferring penalty authority from Joint Commissioner to Assessing Officer and referencing section 185 instead of section 269SS. The provision maintains identical quantum and scope, continuing the policy objective of deterring cash transactions and promoting banking channel usage to prevent tax evasion and unaccounted money circulation.
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