https://www.taxtmi.com/acts?id=43328 A Banking Cash Transaction Tax is proposed on specified cash dealings with scheduled banks exceeding a prescribed daily threshold-cash withdrawals, cash purchases of bank drafts/banker's cheques or similar instruments, and cash received on encashment of term deposits. The tax is a percentage of the transaction value, collected by scheduled banks from the person entering the transaction and remitted monthly to the Central Government. Provisions set out valuation, collection duties, returns, assessment powers, correction of orders, interest and penalties for non-compliance, appeal routes, criminal penalties for false statements, and a consequential deduction for tax paid under the income-tax law. en-us Thu, 06 Jun 2024 14:30:32 +0530 Tue, 15 Oct 2024 14:39:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43328 A Banking Cash Transaction Tax is proposed on specified cash dealings with scheduled banks exceeding a prescribed daily threshold-cash withdrawals, cash purchases of bank drafts/banker's cheques or similar instruments, and cash received on encashment of term deposits. The tax is a percentage of the transaction value, collected by scheduled banks from the person entering the transaction and remitted monthly to the Central Government. Provisions set out valuation, collection duties, returns, assessment powers, correction of orders, interest and penalties for non-compliance, appeal routes, criminal penalties for false statements, and a consequential deduction for tax paid under the income-tax law. Act-Rules Direct Taxes Thu, 06 Jun 2024 14:30:32 +0530 https://www.taxtmi.com/acts?id=43328