Loans or Deposits under Sec 269SS of Income Tax Act, 1961

Sec 269SS under Income Tax Act has been reproduced as follows

[Mode of taking or accepting certain loans, deposits and specified sum]

269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,—

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Pradhan Mantri Garib Kalyan Yojana 2016 (PMGKY)


20th December 2016

If you are willing to declare the unaccounted income under the new Pradhan Mantri Garib Yojana is very easy and to that you need to follow three steps and these steps are mentioned by the bills passed in the Taxation Laws Bill which was declared in the second amendment in the year 2016. It is not possible for the people who have already made the money through the illegal ways. Now, to prevent these amounts they are trying to hide it for their benefits but with the change in currencies these people came in to serious problems and they had to come out with the unaccounted amount but they are charged with serious taxation policies.

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