Bare Act Search Results

Finance Act 2005 Section 95

Title: Charge of Banking Cash Transaction Tax

State: Central

Year: 2005

.....or after the 1st day of June, 2005, at the rate of 0.1 per cent. of the value of every such taxable banking transaction. (2) The banking cash transaction tax referred to in sub-section (1) shall be payable,- (i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, by the individual or Hindu undivided family referred to in sub-clause (i) or a person referred to in sub-clause (ii) of said clause (a), from whose account the cash is withdrawn from any scheduled bank; (ii) in respect of taxable banking transaction referred to in sub-clause (b) of clause (8) of section 94, by the person who receiver the cash on encashment of term deposit or deposits: Provided that no banking cash transaction tax shall be payable if the amount of the term deposit or deposits is credited to any account with the bank. 1[(3) Notwithstanding anything contained in sub-section (1), no banking cash transaction tax shall be charged in respect of any taxable banking transaction entered into on or after the 1st day of April, 2009.] _____________________________________________________ 1. Inserted by the Finance Act, 2008 w.e.f. 1st day of April,.....

Finance Act 2005 Chapter 7

Title: Banking Cash Transaction Tax

State: Central

Year: 2005

.....1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934); (8) "taxable banking transaction" means-- (a) a transaction, being withdrawal of cash (by whatever made) on any single day from an account (other than a savings bank account) maintained with any scheduled bank, exceeding. - (i) 2[twenty-five thousand rupees], in case such withdrawal is from the account maintained by any individual or Hindu undivided family; (ii)one lakh rupees, in case such withdrawal is from the account maintained by a person other than any individual or Hindu undivided family; or (b) a transaction, being receipt of cash from any scheduled bank on any single day on encashment of one or more term deposits, whether on maturity or otherwise, from that bank, exceeding,- (i) 2[twenty-five thousand rupees], in case such term deposit or deposits are in the name of any individual or Hindu undivided family: (ii) one lakh rupees, in case such term deposit or deposits are by any person other than any individual or Hindu undivided family ; or (c) a transaction, being receipt of cash from any scheduled bank exceeding ten thousand rupees on.....

Finance Act 2005 Section 96

Title: Value of Taxable Banking Transaction

State: Central

Year: 2005

The value of taxable banking transaction shall be,-- (i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, the amount of cash withdrawn; (ii) in respect of taxable banking transaction referred to in sub-clause (b)) of clause (8) of section 94, the amount of cash received on encashment of term deposit or deposits;

Finance Act 2005 Section 102

Title: Penalty for Failure to Collect or Pay Banking Cash Transaction Tax

State: Central

Year: 2005

Any assessee who-- (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 sub-section (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.

Finance Act 2005 Section 97

Title: Collection and Recovery of Banking Cash Transaction Tax

State: Central

Year: 2005

(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) or clause (iii) 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).

Commissions for Protection of Child Rights Act, 2005 Section 10

Title: Procedure for Transaction of Business

State: Central

Year: 2005

(1) The Commission shall meet regularly at its office at such time as the Chairperson thinks fit, but three months shall not intervene between its last and the next meeting. (2) All decisions at a meeting shall be taken by majority: Provided that in the case of equality of votes, the Chairperson, or in his absence the person presiding, shall have and exercise a second or casting vote. (3) If for any reason, the Chairperson, is unable to attend the meeting of the Commission, any Member chosen by the Members present from amongst themselves at the meeting, shall preside. (4) The Commission shall observe such rules of procedure in the transaction of its business at a meeting, including the quorum at such meeting, as may be prescribed by the Central Government. (5) All orders and decisions of the Commission shall be authenticated by the Member-Secretary or any other officer of the Commission duly authorised by Member-Secretary in this behalf.

Finance Act 2005 Section 101

Title: Interest on Delayed Payment of Banking Cash Transaction Tax

State: Central

Year: 2005

Every assessee who fails to credit the banking cash transaction tax or any part thereof as required under section 97, to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent. of such tax for every month or part of a month by which such-crediting of the tax or any part thereof is delayed.

Finance Act 2005 Section 12

Title: Amendment of Section 36

State: Central

Year: 2005

In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2006,-- (a) after clause (iii), the following shall be inserted, namely:-- '(iiia) the pro rata amount of discount on a zero coupon bond having regard to the period of life of such bond calculated in the manner as may be prescribed. Explanation.--For the purposes of this clause, the expressions-- (i) "discount" means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond; (ii) "period of life of the bond" means the period commencing from the date of issue of the bond and ending on the date of the maturity or redemption of such bond; (iii) "infrastructure capital company" and "infrastructure capital fund" shall have the same meanings respectively assigned to them in clauses (a) and (b) of Explanation 1 to clause (23G) of section 10;'; (b) after clause (xii), the following shall be inserted, namely:-- '(xiii) any amount of banking cash transaction tax.....

Finance Act, 2005 Complete Act

State: Central

Year: 2005

FINANCE ACT, 2005 FINANCE ACT, 2005 18 of 2005 CHAPTER 1: PRELIMINARY: Section 1: Short title and commencement: (1) This Act may be called the Finance Act, 2005. (2) Save as otherwise provided in this Act, Sections 2 to 64 shall be deemed to have come into force on the 1st day of April, 2005. CHAPTER 2: RATES OF INCOME TAX: SECTION 2: Income tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2005, income tax shall be charged at the rates special in Part I of the First Schedule and such tax as reduced by the debate of income tax calculated under Chapter VIII-A of the Income Tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income Tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds fifty thousand rupees, then, (a) the net agricultural income shall be taken into.....

Finance Act 2005 Section 94

Title: Definitions

State: Central

Year: 2005

.....Direct Taxes constituted under the Central Boards of Revenue Act, 1963(54 of 1963); (5) "person" shall have the same meaning as in clause (31) of section 2 of the Income-tax Act, 1961(43 of 1961) 1[and includes an office or establishment of the Central Government or the Government of a State]; (6) "prescribed" means prescribed by rules made by the Board under this Chapter; (7) "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955(23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959(38 of 1959), a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970(5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980(40 of 1980), or any other bank being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934); (8) "taxable banking transaction" means-- (a) a transaction, being withdrawal of cash (by whatever made) on any single day from an account (other than a savings bank account) maintained with any scheduled bank, exceeding. - (i).....