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TypeBare Act JurisdictionCentral Government

Finance Act, 2005 Section 101

Interest on delayed payment of banking cash transaction tax: Every assessee who fails to credit the banking cash

~1 min read
https://sooperkanoon.com/act/455563

Bare act section · Research

About this section

Finance Act, 2005 Section 101 is part of Finance Act, 2005 - Interest on delayed payment of banking cash transaction tax: Every assessee who fails to credit the banking cash. Read the section text below and explore Indian court judgments that cite it.

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Section Text

a) fails to collect the whole or any part of the banking cash transaction tax as required under Section 97; or (b) having collected the banking cash transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of subsection (2) of Section 97, shall be liable to pay, (i) in the case referred to in clause (a), in addition to paying the tax in accordance with the provisions of sub-section (3) of Section 97, or interest, if any, in accordance with the provisions of Section 101, by way of penalty, a sum equal to the amount of banking cash transaction tax that it failed to collect; and (ii) in the case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (2) of Section 97 and interest in accordance with the provisions of Section 101, by way of penalty, a sum of one thousand rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of banking cash transaction tax that it failed to pay.

Frequently asked questions

What does Finance Act, 2005 Section 101 provide?

Section Section 101 of the Finance Act, 2005 (Interest on delayed payment of banking cash transaction tax: Every assessee who fails to credit the banking cash) 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 101?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2005 Section 101. 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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