Section 189 — Chapter XII Definitions | ITA 2025

Section 189 supplies definitional anchors for Chapter XII (ss. 185-188): banking company / co-operative bank / loan / deposit / specified sum / specified advance / electronic mode etc. Cross-references SCRA / Banking Regulation Act / RBI…

Section 189 — - DEFINITIONS

Statutory text — Income-tax Act, 2025

Marginal note -- Definitions

For the purposes of this Chapter, unless the context otherwise requires,—

(a) “banking company” means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act;

(b) “primary agricultural credit society”, and “primary co-operative agricul- tural and rural development bank” shall have the meanings respectively assigned to them in section 150;

(c) “specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place;

(d) “specified advance” means any sum of money in the nature of advance, by whatever name called, in relation to transfer of an immovable property, whether or not the transfer takes place.

Definitions critical to Chapter XII operation: (a) BANKING COMPANY -- per BR Act 1949 s. 5(c). (b) CO-OPERATIVE BANK -- per Part V of BR Act 1949. (c) LOAN / DEPOSIT -- broadly defined. (d) SPECIFIED SUM (s. 185) -- amount in relation to immovable property transfer. (e) SPECIFIED ADVANCE (s. 188) -- corresponding refund category. (f) ELECTRONIC MODE -- per CBDT Notification (UPI / RuPay / cards / NEFT / RTGS / IMPS / BHIM-UPI).

CROSS-REFERENCES

Sections 185-188 -- substantive provisions.
Banking Regulation Act 1949 -- bank / co-op bank definitions.

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