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: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: articles on VAT and GST in India :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
News Headlines »
 Income tax dept notifies amendments for sharing taxpayer information
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya

Non-filing of banking tax returns may attract penal provisions
August, 24th 2006
The finance ministry is considering an amendment to the Finance Act to include penal provisions for banks which do not file monthly returns for the banking cash transaction tax. The move comes after the revenue department received complaints from its field formations regarding non-cooperation by some banks. The revenue department, on an average, receives 250-300 BCTT returns every month while the average tax collected is Rs 20-Rs 40 crore. Officials said an amendment was needed since the Act allowed for only annual returns for the BCTT. Despite this, the revenue department has asked banks to file monthly returns since it is keen on unearthing unaccounted business transactions by looking at parameters such as frequency of transactions, volume of withdrawals, multiplicity of accounts and nature of businesses, an official said. While compliance by the banks has improved substantially, a few banks are still not filing the monthly statements, the official added. BCTT is levied at a rate of 0.1 per cent on cash withdrawals exceeding Rs 25,000 from an account (barring savings account) maintained with a scheduled bank on any single day and encashments of term deposits exceeding Rs 25,000 in case of an individual or Hindu Undivided family and Rs 1 lakh by other persons on any single day. The BCTT returns are received by the revenue department in an electronic format after which the data is uploaded by the income tax department on its computers. The tax department then selects branches for investigation on the basis of a select criteria, which include a branch with two or more accounts with the same address, accounts of individuals or small concerns from which large amounts have been withdrawn and the motive for withdrawals. The branches which are selected are then forwarded to the field officers for further investigation.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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