TaxTMI 
TaxTMI 
Banking cash transaction tax rules, 2005
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....ssions used and not defined in these rules but defined in the Act, the Negotiable Instruments Act, 1881, the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the Income-tax Act, 1961, or the rules or regulations made thereunder shall have the meanings respectively assigned to them in those Acts or the rules or the regulations. Maintenance of particulars of taxable banking transactions by the scheduled bank 3. (1) Every branch of a scheduled bank shall keep and maintain in Form No. 1 the particulars of taxable banking transactions entered into in that branch. (2) Every branch of a scheduled bank which is maintaining its daily account on a computer media, shall keep and maintain the particulars as referred to in sub-rule (1), on a computer media. Payment of banking cash transaction tax 4. Every scheduled bank which is required to collect and pay banking cash transaction tax under section 97 of the Act, shall, in respect of all its branches, pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank accompanied by a banking cash ....
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.... (1) of section 98 of the Act shall be signed and verified (a) in the case of a scheduled bank, being a company, by the managing director or a director thereof; (b) in the case of a scheduled bank, not being a company, by the principal officer thereof. Time limit to be specified in the notice calling for return of taxable banking transaction 8. Where an assessee fails to furnish the return under sub-section (1) of section 98 of the Act within the time specified in sub-rule (3) of rule 6, the Assessing Officer may issue a notice to such person requiring him to furnish, within thirty days from the date of service of the notice, a return in the Form prescribed in rule 6 and verified in the manner indicated therein. Notice of demand 9. Where any tax, interest or penalty is payable in consequence of any order passed under the provisions of Chapter VII of the Act, the Assessing Officer shall serve upon the assessee a notice of demand in Form No. 4 specifying the sum so payable. Prescribed time for refund of tax to the person from whom such amount was collected 10. Every assessee, in case any amount is refunded to it on assessment under su....
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....al of cash (by whatever mode) exceeding one lakh rupees on any single day from an account (other than a savings bank account) maintained by a person other than any individual or Hindu undivided family with any scheduled bank. 02 3. Receipt of cash exceeding twenty-five thousand rupees from any scheduled bank on any single day on encashment of one or more term deposits, whether on matuirty or otherwise, in case such term deposit or deposits are in the name of any individual or Hindu undivided family. 03 4. Receipt of cash exceeding one lakh rupees from any scheduled bank on any single day on encashment of one or more term deposits, whether on maturity or otherwise, in case such term deposit or deposits are in the name of a person other than any individual or Hindu undivided family. 04 Notes : 1. In respect of transactions with codes 01 and 02, name and address of person need not to be recorded and in respect of transactions with codes 03 and 04, entry in column 2 shall be nil. 2. Multi-transactions of withdrawal of cash from an account or receipt of cash on encashment of term deposit or deposits in the nam....
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.... 9 and 10 in respect of a branch, shall be the total of number of transactions entered into during the month in column 4 of Form No. 1 (BCTTS-1) maintained by the branch. 3. The entry in column 11 in respect of a branch shall be monthly total of column 6 of Form No. 1 (BCTTS-1) maintained by the branch. 4. The entry in column 12 in respect of a branch, shall be monthly total of column 7 of Form No. 1 (BCTTS-1) maintained by the branch. 5. Consolidated information should be submitted for all branches of the bank in electronic format. 6. Computer media should be prepared according to the specified data structure. 7. Computer media should be labelled giving name of Bank, its PAN, and month/year, and submitted to the Income-tax Authority authorized by the Board in this regard, along with a letter verified by the person specified in rule 7 confirming the amount of total banking cash transaction tax paid for the month and certifying that the data is clean and virus free. Form No. 3 [See sub-rule (1) of rule 6 of Banking Cash Transaction Tax Rules, 2005] Return of Taxable Banking Transactions BCTTS-3 n Plea....
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.... 3. Permanent account number (PAN) 4. Financial year (Transactions relating to which are reported) - 5. Ward/Circle/Range 6. Value of taxable banking transactions Code* (Schedule) Value (in Rs.) 01. (A[4]) 02. (A[6]) &nb....
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.... 9. Total banking cash transaction tax paid (B[6]) 10.Banking cash transaction tax payable/refundable (7-9) 11.Interest payable under section 101 (B[7]) 12.Interest paid (B[8]) Verification I,..........(full name in block letters), son/daughter of.....solemnly declare that to the best of my knowledge and belief the information given in this return and schedules accompanying it is correct and complete and....
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....10 11 Total Schedule - B 1. Name of the Bank .......................................... 3. PAN of the Bank .......................................... 2. Address of the Bank .......................................... 4. Financial Year .......................................... Month Taxable banking transaction Code Value of taxable banking transactions during the month Banking cash transaction tax collectible (In Rs.) Banking cash transaction tax collected (In Rs.) Banking cash transaction tax paid (In Rs.) Interest payable u/....
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....er the end of the period aforesaid in accordance with sub-section (2) of section 220 of the Income-tax Act read with section 106 of the Finance Act, 2005. 4. If you do not pay the amount of the tax within the period specified above, penalty (which may be as much as the amount of tax in arrear) may be imposed upon you after giving you a reasonable opportunity of being heard in accordance with section 221 of the Income-tax Act read with section 106 of the Finance Act, 2005. 5. If you do not pay the amount within the period specified above, proceedings for the recovery thereof will be taken in accordance with sections 222 to 227, 229 and 232 of the Income-tax Act, 1961 read with section 106 of the Finance Act, 2005. 6. If you intend to appeal against the assessment or penalty, you may present an appeal under section 107 of Chapter VII of the Finance Act, 2005, to the Commissioner of Income-tax (Appeals)......within thirty days of the receipt of this notice, in Form No. 5 as prescribed in rule 11, duly stamped and verified as laid down in that Form. 7. The amount has become due as a result of the order of the Commissioner ....
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....nce Act, 2005, under which the appeal is preferred 9. Where a return has been filed by the appellant for the financial year in connection with which the appeal is preferred, whether tax due on the value of taxable banking transaction returned has been paid in full (if the answer is in the affirmative, give details of date of payment and amount paid) 10. Relief claimed in appeal 11. **Where an appeal in relation to any other financial year is pending in the case of the appellant with any Commissioner (Appeals), give the details as to the (a) Commissioner (Appeals), with whom the appeal is pending is pending; (b) Financial year in connection with which the appeal has been preferred; (c) Assessing Officer passing the order appealed against; (d) Section and sub-section of the Chapter VII of the Finance Act, 2005 under which the Assessing Officer passed the order appealed against and the date of such order. 12. Address to which notices may be sent to the appellant ......................................... Signed (Appellant) STATEMENT OF FACTS ------------------....
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....sioner (Appeals) passing the order appealed against 4. Financial year in connection with which the appeal is preferred 5. Total value of taxable banking transactions declared by the assessee for the financial year referred to in item 4 6. Total value of taxable banking transactions as computed by the Assessing Officer for the financial year referred to in item 4 7. The Assessing Officer passing the original order 8. Section of the Chapter VII of Finance Act, 2005 under which the Assessing Officer passed the order 9. Date of communication of the order appealed against 10. Address to which notices may be sent to the appellant 11. Address to which notices may be sent to the respondent 12. Relief claimed in appeal Grounds of Appeal 1. 2. 3. 4. etc. ...................................................... ................................... Signed Signed (Authorised representative, if any) (Appellant) Verification I,............., the appellant, do hereby declare that what is state....