Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd
 
 
News Headlines »
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

18 banks miss cash transaction tax return filings
April, 06th 2007
As many as 18 public sector banks have defaulted in filing their monthly statements of Banking Cash Transaction Tax (BCTT) collections till January, 2006-07. 
 
Under the BCTT scheme, banks are required to furnish branch-wise details of BCTT collected every month to Income Tax department. 
 
Kolkata-based Uco Bank and State Bank of Travancore topped the list by not furnishing the BCTT statement in time for six months, April-September 2006. The delays ranged from 2-7 months. 
 
The other major banks which have erred in filing BCTT returns are Bank of India, Corporation Bank, Indian Bank, IDBI Bank, Allahabad Bank, Vijaya Bank, Bank of Maharashtra, Central Bank of India, Dena Bank, Punjab & Sind Bank and Syndicate Bank. 
 
State Bank of Indias associate banks, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore and State Bank of Patiala have filed returns after a gap of 60 days after the due date of a particular month. 
 
Many regional rural banks have also defaulted in filing the monthly BCTT statements. If the banks fail to file returns in time, they have to pay a penalty for every day of default. 
 
Under the BCTT Act, a tax at the rate of 0.1 per cent is levied on cash withdrawals above Rs 25,000 per day for an individual and Hindu undivided families, and Rs one lakh per day for other entities. 
 
In the Finance Bill 2007, the exemption limit for individuals and Hindu undivided families has been raised from Rs 25,000 to Rs 50,000. BCTT, which was introduced in 2005 to track black money, has fetched the government Rs 384 crore in 2005-06 and Rs 505 crore till March 24, 2006-07. 
 
The finance ministry is understood to have expressed its dissatisfaction with these banks at non-compliance.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions