Substitution of new section for section 269SS

In force Act 20 of 2015 As on 06 Oct 2026

Act 20 of 2015 Ministry Finance

Section 68 of the Finance Act, 2015 deals with substitution of new section for section 269SS. Substitution of new section for section 269SS.

Substitution of new section for section 269SS.
68. For section 269SS of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2015, namely:—
'269SS. Mode of taking or accepting certain loans, deposits and specified sum.—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,—
(a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or
(b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is twenty thousand rupees or more:
Provided that the provisions of this section shall not apply to any loan or deposit or specified sum taken or accepted from, or any loan or deposit or specified sum taken or accepted by,—
(a) the Government;
(b) any banking company, post office savings bank or co-operative bank;
(c) any corporation established by a Central, State or Provincial Act;
(d) any Government company as defined in clause (45)of section 2 of the Companies Act, 2013 (18 of 2013);
(e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette:
Provided further that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act.
Explanation.—For the purposes of this section,—
(i) "banking company" means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act;
(ii) "co-operative bank" shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949) ;
(iii) "loan or deposit" means loan or deposit of money;
(iv) "specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.'.
Section 68, The Finance Act, 2015 (Act 20 of 2015).

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Questions about Section 68

What does Section 68 of the Finance Act deal with?

Section 68 of the Finance Act is headed "Substitution of new section for section 269SS". Substitution of new section for section 269SS.

How do I find court cases under Section 68 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 68, section 68 Finance Act 2015, section 68 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 68 of the Finance Act, and has it changed?

Its own text turns on Companies Act 2 (Definitions), Income-tax Act 269SS (Mode of taking or accepting certain loans, deposits and specified sum), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. First Schedule8029 words
Fifth Schedule. Fifth Schedule4392 words
2. Income-tax3525 words
94. Substitution of new section for section 11AC1125 words
6. Insertion of new section 9A1095 words
5. Amendment of section 91039 words

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(a)		the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or
(b)		on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or
(c)		the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),

(a)		the Government;
(b)		any banking company, post office savings bank or co-operative bank;
(c)		any corporation established by a Central, State or Provincial Act;
(d)		any Government company as defined in clause (45)of section 2 of the Companies Act, 2013 (18 of 2013);
(e)		such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette:

(i)		"banking company" means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act;
(ii)		"co-operative bank" shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949) ;
(iii)		"loan or deposit" means loan or deposit of money;
(iv)		"specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place.'.