Banking cash transaction tax imposes levy on large non-savings withdrawals and requires banks to collect and remit the tax. The Finance Act, 2005 levies the Banking Cash Transaction Tax on specified cash withdrawals and cash received on encashment of term deposits with scheduled banks. The taxable base is the aggregate cash withdrawn or received on encashment in a single day in the name of the same person from the same account, with defined exemptions and non aggregation rules across branches; banks must collect the tax at transaction time and remit monthly aggregate collections to the Central Government, maintain primary and summarized databases, file monthly and annual returns, and comply with assessment, refund and appeal procedures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Banking cash transaction tax imposes levy on large non-savings withdrawals and requires banks to collect and remit the tax.
The Finance Act, 2005 levies the Banking Cash Transaction Tax on specified cash withdrawals and cash received on encashment of term deposits with scheduled banks. The taxable base is the aggregate cash withdrawn or received on encashment in a single day in the name of the same person from the same account, with defined exemptions and non aggregation rules across branches; banks must collect the tax at transaction time and remit monthly aggregate collections to the Central Government, maintain primary and summarized databases, file monthly and annual returns, and comply with assessment, refund and appeal procedures.
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