Penalty re Repayment of Loan or Deposit Otherwise than Banking Channel

Section 453 — - PENALTY RE REPAYMENT OF LOAN OR DEPOSIT OTHERWISE THAN BANKING CHANNEL

Section 453 of the Income-tax Act, 2025 corresponds to s. 271E of the Income-tax Act, 1961.

STATUTORY ARCHITECTURE

Penalty equal to amount of loan, deposit or specified advance repaid in cash exceeding INR 20,000 in contravention of s. 188 [s. 269T].

PRACTITIONER PLANNING NOTES

• Maintain banking channel for repayments; family-loan repayments via cheque or UPI.

CROSS-REFERENCES

• s. 439 (under-reporting or misreporting -- master penalty).
• s. 440 (immunity application).
• s. 469 or 470 (waiver or reasonable-cause).
• s. 471 or 472 (procedure or limitation).