Section 269T of ITA, 1961 : Section 269T: Mode Of Repayment Of Certain Loans Or Deposits
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. Sharma has a fixed deposit of INR 50,000 with XYZ Co-operative Bank. After the maturity period, he wishes to withdraw his deposit with the accrued interest. According to Section 269T of the Income-tax Act, 1961, XYZ Co-operative Bank is required to repay Mr. Sharma's fixed deposit and interest either through an account payee cheque or account ...
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