Section 13 - Amendment of section 44AB. - Finance Act, 2021

Amendment of section 44AB. 13. In section 44AB of the Income-tax Act, in clause (a),- (i) in the proviso, in long line, for the words five crore rupees , the words ten crore rupees shall be substituted; (ii) after the proviso, the following proviso shall be inserted, namely:- Provided further that for the purposes of this clause, the payment or receipt, as the case may be, by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the payment or receipt, as the case may be, in cash. .