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TypeBare Act JurisdictionCentral Government

Finance Act, 2005 Section 97

Collection and recovery of banking cash transaction tax

~1 min read
https://sooperkanoon.com/act/455559

Bare act section · Research

About this section

Finance Act, 2005 Section 97 is part of Finance Act, 2005 - Collection and recovery of banking cash transaction tax. Read the section text below and explore Indian court judgments that cite it.

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Section Text

1) Every scheduled bank shall collect the banking cash transaction tax from every person, being a person referred to in clause (i) or clause (ii) of sub-section (2) of Section 95 who enters into a taxable banking transaction with that bank, at the rate specified in Section 95.

(2) The banking cash transaction tax collected during any calendar month in accordance with the provisions of sub-section (1) shall be paid by every scheduled bank to the credit of the Central Government by the fifteenth day of the month immediately following the said calendar month.

(3) Any scheduled bank, who fails to collect the tax in accordance with the provisions of sub-section (1), shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (2).

Frequently asked questions

What does Finance Act, 2005 Section 97 provide?

Section Section 97 of the Finance Act, 2005 (Collection and recovery of banking cash transaction tax) is reproduced on this page as part of the Finance Act, 2005. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2005 Section 97?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2005 Section 97. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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