Amended and updated notes on section 269TT of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Mode of repayment of Special Bearer Bonds, 1991.
Chapter XXB (Sections 269SS to 269TT) of the Income Tax Act 1961 deals with the provisions related to Requirement as to mode of acceptance payment or repayment in certain cases to counteract evasion of tax. Section 269TT of IT Act 1961 provides for Mode of repayment of Special Bearer Bonds, 1991.
Recently, we have discussed in detail section 269T (Mode of repayment of certain loans or deposits) of IT Act 1961. Today, we learn the provisions of section 269TT of Income-tax Act 1961. The amended provision of section 269TT is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 269TT of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-269TT: Mode of repayment of Special Bearer Bonds, 1991
Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in the name of the person to whom such payment is to be made.