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TMI BlogSUBSTITUTION OF RULE 6DD - Cases and circumstances in which payment in a sum exceeding twenty thousand rupees may be made otherwise than by an account payee cheque drawn on a bank or account payee bank draftX X X X Extracts X X X X X X X X Extracts X X X X ..... 8-TPLI], DATED 10-10-2008 In exercise of powers conferred by section 295 read with proviso to sub section (3A) of 40A of the income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: 1. (1) These rules may be called the Income-tax (7th Amendment) Rules, 2008. (2) They shall come into force with eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) where the payment is made to (i) the Reserve Bank of India or any banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949): (ii) the State Bank of India or any subsidiary bank as defined in section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959); (iii) any co-operative bank or land mortgage bank: (iv) any primary agricu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard. Explanation. For the purposes of this clause and clause (g), the term "bank means any bank, banking company or society referred to in sub-clauses (i) to (iv) of clause (a) and includes any bank [not being a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 ( 10 of 1949) whether incorporated or not, which is established outside India; (d) where the pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not served by any bank, to any person who ordinarily resides, or is carrying on any business, profession or vocation, in any such village or town; (h) where any payment is made to an employee of the assessee or the heir of any such employee on or connection with the retirement rerenchment resignation, discharge or death of such employee, on account of gratuity, retrenchment compensation or simila ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of such person; (l) where the payment is made by an authorised dealer or a money changer against purchase of foreign currency or travellers cheques in the normal course of his business. Explanation. For the purposes of this clause, the expressions "authorised dealer" or "money changer" means a person authorised as an authorised dealer or a money changer to deal in foreign currency or foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X
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