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1[114BA. Transactions for the purposes of clause (vii) of sub-section (1) of section 139A.–– The following shall be the transactions for the purposes of clause (vii) of sub-section (1) of section 139A, namely:— cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office; cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office; opening of a current account or cash credit account by a person with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or a Post Office.] 2[“Provided that the provisions of this rule shall not apply in a case,–– (a) where the person, making the deposit or withdrawal of an amount otherwise than by way of cash as per clause (a) or (b), or opening a current account not being a cash credit account as per clause (c) of this rule, is a non-resident (not being a company) or a foreign company; (b) the transaction is entered into with an IFSC banking unit; and (c) such non-resident (not being a company) or the foreign company does not have any income chargeable to tax in India. Explanation.–– For the purposes of this rule, “IFSC banking unit” shall have the same meaning as assigned to it in clause (1) of the Explanation to rule 114B.”] Notes: 1. Inserted by the the Income–tax (Fifteenth Amendment) Rules, 2022 Notification No. 53/2022 dated 10.05.2022. 2. Inserted by the the Income–tax (Twenty-fourth Amendment) Rules, 2023 Notification No. 88/2023 dated 10.10.2023
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