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TMI BlogBanking cash transaction tax rules, 2005X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 transaction tax challan. Furnishing of statement by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase 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 sub-section (2) of section 99 of the Act, shall, within thirty days from the date of receipt of such amount, refund the same to the concerned person from whom it was collected. Form of appeal to Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 name of same person, on any single day be treated as one transaction. 3. In column 7, fill the number of transactions entered during the day, which are of the nature specified in codes 01, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect 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 Please follow instructions. Acknowledgement n Use block letters only For Office use only 1. Name of the scheduled bank Receipt No. ..................... Date ............................... ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03. (A[8]) 04. (A[10]) Total 7. Total banking cash transaction tax collectible Code* (Schedule) Amount (In Rs.) 01. (A[5]) 02. (A[7]) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount (other than a savings bank account) maintained by any individual or Hindu undivided family with any scheduled bank. 01 2. Withdrawal 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 maturity 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 Schedule - A 1. Name of the Bank .......................................... 3. PAN of the Bank .......................................... 2. Address ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions entered into in each branch and BCTT payable thereon be given. 3. Details required in Schedule B be given separately for each month for each type of transaction (Codes 01 to 04). 4. Entry in column 3 of Schedule B in respect of a month shall be the monthly total of entries of column 5 of Form No. 1 (BCTTS-1) maintained by the branches. 5. Entry in column 5 of Schedule B in respect of a month shall be the monthly total of entries of column 6 of Form No. 1 (BCTTS-1) maintained by the branches. FORM NO. 4 [See rule 9 of Banking Cash Transaction Tax Rules, 2005] Notice of demand BCTTS-4 To ...................................... ...................................... Status.................... ...................................... PAN......................... 1. This is to give you notice that for the financial year.....a sum of Rs. ............, details of which are given on the reverse, has been determined to be payable by you. 2. The amount should be paid to the Manager, authorised bank or State Bank of India or Reserve Bank of India at.....within 30.......days of the service of this not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank of India. 3. If you intend to seek extension of time for payment of the amount or propose to make the payment by instalments, the application for such extension or as the case may be, permission to pay by instalments, should be made to the Assessing Officer before the expiry of the period specified in paragraph 2. Any request received after the expiry of the said period will not be entertained in view of the specific provisions of sub-section (3) of section 220 of the Income-tax Act. FORM NO. 5 [See sub-rule (1) of rule 11 of Banking Cash Transaction Tax Rules, 2005] Appeal to the Commissioner of Income-tax (Appeals) Designation of the Commissioner (Appeals) *No................of................20................20................ BCTTS-5 1. Name and address of the appellant 2. Permanent Account Number 3. Financial year in connection with which the appeal is preferred 4. Assessing Officer passing the order appealed against 5. Section and sub-section of the Chapter VII of the Finance Act, 2005, under which the Assessing Officer passed the order appealed against and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice of demand in original, if any. 3. Delete the inappropriate words. 4. *These particulars will be filled in in the office of the Commissioner (Appeals). 5. If the space provided herein is insufficient, separate enclosures may be used for the purpose. 6. **If appeals are pending in relation to more than one financial year, separate particulars in respect of each financial year may be given. 7. The memorandum of appeal shall be accompanied by a fee of one thousand rupees. 8. The fee should be credited in a branch of the authorised bank or a branch of the State Bank of India or a branch of the Reserve Bank of India after obtaining a challan from the Assessing Officer. Form No. 6 [See rule 12 of Banking Cash Transaction Tax Rules, 2005] Form of appeal to the Appellate Tribunal BCTTS-6 In the Income-tax Appellate Tribunal................................................................................................................ *Appeal No.................of.........20.......20........ ...................................................... ................................................... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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