The finance ministry is considering an amendment to Section 40A of the Income Tax Act to check unaccounted transactions by business assessees through crossed cheques and demand drafts. Section 40A ...

Withholding tax at the rate of 0.3 percent would not be applicable on interbank or intra-bank transfer of funds and payments made through crossed cheques for purchase of financial instruments. Through ...

TO many of us, the idea of a crossed cheque is quite simple - it can only be deposited in your bank account and can't be cashed. It's as safe as houses you might think. But not if you are a civil ...