Section 111 - Amendment of section 269T. - Finance Act, 2023

Amendment of section 269T. 111. In section 269T of the Income-tax Act, (a) after the second proviso and before the Explanation, the following proviso shall be inserted, namely: 'Provided also that the provisions of this section shall have effect, as if for the words twenty thousand rupees , the words two lakh rupees had been substituted in the case of any deposit or loan where, (a) such deposit is paid by a primary agricultural credit society or a primary co-operative agricultural and rural development bank to its member; or (b) such loan is repaid to a primary agricultural credit society or a primary co-operative agricultural and rural development bank by its member.'; (b) in the Explanation, for clause (ii), the following clause shall be substituted, namely: '(ii) co-operative bank , primary agricultural credit society and primary co-operative agricultural and rural development bank shall have the meanings respectively assigned to them in Explanation to sub-section (4) of section 80P;'.