Section 95 - Charge of banking cash transaction tax - Finance Act, 2005

95. 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 1 st day of June, 2005, at the rate of 0.1 per cent. of the value of every such taxable banking transaction. (2) The banking cash transaction tax referred to in sub-section (1) shall be payable, - (i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, by the individual or Hindu undivided family referred to in sub-clause (i) or a person referred to in sub-clause (ii) of said clause (a), from whose account the cash is withdrawn from any scheduled bank; (ii) in respect of taxable banking transaction referred to in sub-clause (b) of clause (8) of section 94, by the person who receiver the cash on encashment of term deposit or deposits: Provided that no banking cash transaction tax shall be payable if the amount of the term deposit or deposits is credited to any account with the bank 1 [(3) Notwithstanding anything contained in sub-section (1), no banking cash transaction tax shall be charged in respect of any taxable banking transaction entered into on or after the 1st day of April, 2009.] ******************** Notes:- 1. Inserted vide FINANCE ACT, 2008 , w.e.f. 1st day of April, 2009