Section 186 — Mode of undertaking transactions

Old Act equivalent: Section 94 of IT Act 1961 Sub-part: Anti-Avoidance

Statutory Text

(1) No person shall receive an amount of ` 200000 or more— ( a) in aggregate from a person in a day; or ( b) in respect of a single transaction; or ( c) in respect of transactions relating to one event or occasion from a person, except through— ( i) an account payee cheque; or ( ii) account payee bank draft; or ( iii) electronic clearing system through a bank account; or ( iv) any other electronic mode, as may be prescribed29a. (2) Sub-section (1) shall not apply to— ( a) any receipt by Government, any banking company, post office savings bank or co-operative bank; ( b) transactions of the nature referred to in section 185; ( c) such other persons or class of persons or receipts, as may be notified by the Central Government. Acceptance of payment through prescribed electronic modes.

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To be updated.