In exercise of
the powers conferred by sub-section (1), read with sub-section (2) of section
111 of the Finance Act, 2005 (18 of 2005), the Central Government hereby makes
the following rules for carrying out the provisions of Chapter VII of the said
Act relating to banking cash transaction tax, namely :—
Short title
and commencement
1. (1) These rules may be called the Banking
Cash Transaction Tax Rules, 2005.
(2) They shall
come into force on the 1st day of June, 2005.
Definitions
2. (1) In these rules, unless the context
otherwise requires,—
(a) “Act” means the Finance Act, 2005 (18 of 2005);
(b) “authorised bank” means any bank as may be appointed by the Reserve
Bank of India as its agent under the provisions of sub-section (1) of section
45 of the Reserve Bank of India Act, 1934 (2 of 1934);
(c) “Form” means a Form set out in the Appendix to these rules.
(2) Words and
expressions 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 transaction tax challan.
Furnishing
of statement by a scheduled bank of number of taxable banking transactions
entered into and banking cash transaction tax collected during a month
5. Every scheduled bank shall furnish a
statement of taxable banking transactions in respect of which it is required to
collect tax during a month, in Form No. 2 to the income-tax authority specified
in this behalf by the Board on or before the expiry of the month immediately
following the said month on a computer media, in accordance with the
following,—
(a) the computer media confirms to the following specifications :—
(i) CD ROM of 650 MB capacity or higher capacity;
or
(ii) 4mm 2GB/4GB (90M/120M) DAT Cartridge; or
(iii) Digital Video Disc;
(b) if the data relating to the schedules is copied using data
compression or backup software utility, the corresponding software utility or
procedure for its decompression or restoration shall also be furnished;
(c) the statement shall be accompanied by a certificate regarding clean
and virus free data.
Return of
taxable banking cash transactions
6. (1) The return of taxable banking
transactions required to be furnished under sub-section (1) of section 98 of
the Act shall be in Form No. 3 and be verified in the manner indicated therein.
(2) The
particulars required to be furnished in the Schedules A and B to Form No. 3
referred to in sub-rule (1) shall be furnished on a computer media, in
accordance with the following,—
(a) the computer media confirms to the following specifications :—
(i) CD ROM of 650 MB capacity or higher capacity;
or
(ii) 4mm 2GB/4GB (90M/120M) DAT Cartridge; or
(iii) Digital Video Disc;
(b) if the data relating to the schedules is copied using data
compression or backup software utility, the corresponding software utility or
procedure for its decompression or restoration shall also be furnished;
(c) the return shall be accompanied by a certificate regarding clean
and virus free data.
(3) The return
of taxable banking transactions entered into during a financial year shall be
furnished on or before the 31st July immediately following that financial year.
Return by
whom to be signed
7. The return under sub-section (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 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 Commissioner of Income-tax (Appeals)
11. (1) An appeal under sub-section (1) of
section 107 to the Commissioner (Appeals) shall be made in Form No. 5.
(2) The Form
of appeal prescribed by sub-rule (1), the grounds of appeal and the form of
verification appended thereto relating to an assessee shall be signed and
verified by the person who is authorised to sign the return of taxable banking
transactions under rule 7.
Form of
appeal to Appellate Tribunal
12. An appeal under sub-section (1) or
sub-section (2) of section 108 of the Act to the Appellate Tribunal shall be
made in Form No. 6, and where the appeal is made by the assessee, the Form of
appeal, the grounds of appeal and the form of verification appended thereto
shall be signed by the person specified in rule 7.
Appendix |
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Form No. 1 |
BCTTS-1 |
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[See sub-rule (1) of rule 3 of Banking Cash Transaction Tax
Rules, 2005] PARTICULARS OF TAXABLE BANKING TRANSACTIONS
TO BE MAINTAINED BY THE BRANCHES OF SCHEDULED BANK
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1.Name of the
Bank................……. |
2. Address of the
Branch ............... |
3. BSR Code of
the Branch ............. |
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Date |
Account No. |
Name & Address
of the Person |
Taxable
banking transaction code* |
Value of
taxable banking transaction |
BCTT
(banking cash transaction tax) collected |
Number of
transactions not liable to BCTT entered during the day |
Value of transactions
not liable to BCTT entered during the day |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
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Total |
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*Codes in respect of taxable banking transaction
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S.No. |
NATURE OF TRANSACTION |
Code |
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1. |
Withdrawal
of cash (by whatever mode) exceeding twenty-five thousand rupees on any
single day from an account (other than a savings bank account) maintained by
any individual or Hindu undivided family with any scheduled bank. |
01 |
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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 |
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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 |
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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, 02, 03 and 04 respectively but whose value do not exceed
Rs. 25,000 Rs. 1,00,000.
4. In column 8, please till
the daily aggregate of the value of transactions mentioned in column 7.
5. Monthly total of columns 5,
6, 7 and 8 be also drawn.
Form No. 2 |
BCTTS-2 |
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[See rule 5 of Banking Cash
Transaction Tax Rules, 2005] STATEMENT OF NUMBER OF TAXABLE BANKING TRANSACTIONS ENTERED INTO AND
BANKING CASH TRANSACTION TAX (BCTT) COLLECTED DURING A MONTH
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1. Name and
address of the Bank |
......................... |
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2. PAN of
the Bank |
......................... |
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3.
Information for the month (MM/YYYY) |
......................... |
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Sl. No. |
Particulars
of the Branch |
No. of
taxable banking transactions during the month of value |
BCTT
collected during the month |
Number of
transactions not liable to BCTT entered during the month |
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Brach Code
(BSR Code) |
Address of
the Branch |
Telephone
No. |
below Rs. 5
lakh |
Rs. 5 lakh
to Rs. 10 lakh |
Rs. 10 lakh
to Rs. 25 lakh |
Rs. 25 lakh
to Rs. 50 lakh |
Rs. 50 lakh to
Rs. 1 crore |
above Rs. 1
crore |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
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Total |
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Notes :
1. Multiple-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.
2. Total
of columns 5, 6, 7, 8, 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 |
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n Please follow instructions. |
Acknowledgement |
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n Use block letters only |
For Office use only |
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1. Name of the scheduled bank |
Receipt No.
..................... |
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