CBDT notifies Banking Cash Transaction Tax Rules, 2005
CBDT has notified the Banking Cash Transaction Tax Rules which come into force from today.
Every scheduled bank has to pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the RBI or of the SBI or of any authorised bank accompanied by a banking cash transaction tax challan. 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. Further, every branch of a scheduled bank which is maintaining its daily account on a computer media, is required to keep and maintain the particulars as referred to in sub-rule (1), on a computer media.
Every scheduled bank is required to 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 conforms 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 is also required to be furnished on or before the 31st July immediately following that financial year under sub-section (1) of section 98 of the Act in Form No 3 and be verified in the manner indicated therein.
The return is required to be signed and verified in the case of a scheduled bank, being a company, by the managing director or a director thereof; and in the case of a scheduled bank, not being a company, by the principal officer thereof.