Clause 186 - Mode of undertaking transactions. - Income Tax Bill, 2025

Mode of undertaking transactions. 186. (1) No person shall receive two lakh rupees 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; (ii) account payee bank draft; (iii) electronic clearing system through a bank account; or (iv) any other electronic mode, as prescribed. (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 notified by the Central Government.