Banking Cash Transaction Tax

Interest on delayed payment of banking cash transaction tax Every assessee who fails to credit the banking cash transaction tax or any part thereof as required under section 97, to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent of […]

Rectification of mistake (1) With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any order passed by him under the provisions of this Chapter within one year from the end of the financial year in which the order sought to be amended was passed. (2) Where any matter

(1) For the purposes of making an assessment under this Chapter, the Assessing Officer may serve on any assessee, who has furnished a return under sub-section (1) or sub-section (3) of section 98 or upon whom a notice has been served under sub-section (2) of section 98 (whether a return has been furnished or not),

Scheduled bank to furnish prescribed return (1) Every scheduled bank (hereafter in this Chapter referred to as assessee) shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the Assessing Officer or to any other authority or agency authorised by the Board in this

Collection and recovery of banking cash transaction tax (1) Every scheduled bank shall collect the banking cash transaction tax from every person, being a person referred to in clause (i) or clause (ii) of sub-section (2) of section 95 who enters into a taxable banking transaction with that bank, at the rate specified in section

The value of taxable banking transaction shall be,— (i)   in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, the amount of cash withdrawn; (ii)   in respect of taxable banking transaction referred to in sub-clause (b) of clause (8) of section 94, the amount of cash

Charge of banking cash transaction tax (1) On and from the commencement of this Chapter, there shall be charged a banking cash transaction tax, in respect of every taxable banking transaction entered into on or after the 1st day of June, 2005, at the rate of 0.1 per cent of the value of every such

Definitions In this Chapter, unless the context otherwise requires,— (1)   “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act, 1961 (43 of 1961); (2)   “Assessing Officer” means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner

Extent, commencement and application (1) This Chapter extends to the whole of India except the State of Jammu and Kashmir. (2) It shall come into force on the 1st day of June, 2005. (3) It shall apply to taxable banking transactions entered into on or after the commencement of this Chapter.