1.1 Withdrawal of cash by any mode from any account other than SB account. Any A/c holder other than above
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1 BANKING CASH TRANSACTION TAX (BCTT) EFFECTIVE Banking Cash Transaction Tax has been introduced for the first time by the Finance Act, 2005 as an anti tax evasion measure, which is made applicable w.e.f The provision extend to whole of India except the State of Jammu & Kashmir. I Transactions covered: 1.1 Withdrawal of cash by any mode from any account other than SB account. - Withdrawal by self cheques. - Withdrawal by bearer cheque. 1.2 Withdrawal of cash on encashment of one or more term deposits (whether on maturity or otherwise) and also availing LD by cash if any. However, if the proceeds are credited to SB account, the same is not liable for BCTT. II Amount chargeable to tax The liability to pay BCTT arises as under: Account of Individuals (including proprietorship firms) & HUFs (a) (b) Cash withdrawal of more than 25,000/- on any single day from a single account. If there are more than one transaction in any single account in a day, all the transactions are to be added and if the total amount exceeds 25,000/- tax has to be collected on the entire transaction amount. Similarly encashment of Term Deposits, availing LDs by cash in excess of 25,000/-. Any A/c holder other than above (a) (b) Cash withdrawal of more than 1,00,000/- on any single day from a single account. If there are more than one transaction in any single account in a single day, all the transactions are to be added and if the total amount exceeds 1,00,000/- tax has to be collected on the entire transaction amount. Similarly encashment of Term Deposits, availing LDs by cash in excess of 1,00,000/-. Contd
2 having more than one account like Current A/c, CC/OD, etc. aggregation of withdrawals from various accounts need not be done. However, multiple withdrawals from single a/c should be aggregated. B Multiple withdrawals from Term Deposits in the name of same a/c holder should be aggregated. C In the case of joint a/cs, multiple withdrawals involving 1 st named person as a common depositor should be aggregated. D Even if the branch fails to collect such tax in accordance with the provisions referred to above it will have to deposit such tax to the credit of Central Govt. within the prescribed time. Hence, it is to be ensured that BCTT is collected from all the applicable Cash Transactions. E Banking Cash Transaction Tax (BCTT) is purely an anti black money measure and is not aimed at raising Revenue. It is simply a measure to keep a tax trail on all cash transactions and push people to switch from a "cash economy to a cheque economy. Hence, branches shall implement the Scheme scrupulously without violation of provisions which may attract interest penalty etc. III CLARIFICATIONS: 1 Inter Branch Transactions within the Bank are not covered. 2 Kisan Credit Card (RAC) is actually an operative account and if cash is withdrawn exceeding the limit of cash transaction under BCTT, same is subjected to BCTT. However, if KCC proceeds are routed through SB A/c, BCTT is not applicable. 3 In the case of Livestock Loans, even if the payment is made to the Vendors, the same is covered under the definition of withdrawal of cash by any mode from an account and hence, the same is subjected to BCTT. However, if the loan proceeds are credited to an SB a/c and cash is withdrawn by the customer, it is not subjected to BCTT. 4 BCTT is applicable to Govt. accounts also. Section 94(5) of the Finance Act 2005 defines a person as follows: person shall have the same meaning as in clause 31 of section 2 of the Income Tax Act 1961 and includes an Office or Establishment of the Central Govt. or the Govt. of a State. Hence, all types of Govt. and Govt. Body A/c s (other than SB A/c s) are subjected to BCTT. 5 Withdrawal of cash in excess of limits prescribed, from accounts other than SB account by all types of Financial Institutions including Bank, Grameena Banks, Coop. Banks, Credit Societies, other Co-op and Educational Institutions are NOT subjected to BCTT. Contd..3
3 on encashment of a Term Deposit or Deposits in the name of the same person on any single day shall be treated as a single taxable banking transaction. Therefore, if an individual were to withdraw 80,000/- in a single day in multiples of 20,000/- from one account, he would be liable to BCTT on the aggregate cash withdrawal of /-.However, if the individual maintain two or more accounts (other than SB) in a branch and withdraws upto 25,000/- from each account in a single day, he would not be liable to the banking cash transaction tax. III.7 It is also clarified that where the cash withdrawals are from different branches of a bank on a single day, such withdrawals will not be aggregated for the purposes of levy of BCTT. Similarly, cash receipts on encashment of term deposits with different branches of a bank on a single day will also not be aggregated for the purposes of this levy. Further, transactions of cash withdrawal and cash receipts on encashment of term deposits on a single day will also not be aggregated for the purposes of this levy. III.8 If the transaction relates to withdrawal of cash from an account with a scheduled bank branch, BCTT is payable by the person in whose name such account is maintained. Similarly, if the transaction relates to receipt of cash on encashment of term deposit or deposits. BCTT is payable by the person who receives such cash. III.9 Section 269T of the Income Tax Act stipulates payment of term deposit proceeds either on maturity or before maturity by way of credit to the account only where such proceeds exceed 20,000/-. Hence, payment of cash as per Codes 03 and 04 may not arise generally. IV. Rate of BCTT: Tax is applicable at 0.1% (no surcharge and no education cess) of the amount withdrawn. V Collection of BCTT: The tax shall be collected from the a/c holder or the person encashing the Term Deposit on the value of taxable banking transaction. A separate BCTT Payable Account under Sundries Head may be opened to credit the tax. Where the withdrawals are made from either CC/OD A/c including RAC or Current A/c the withdrawal Tax applicable has to be debited to the respective account from where the amount is drawn. In the case of encashment of Term Deposits, availing LDs by cash, the tax is to be collected wherever applicable, separately and credited to BCTT Payable Account. VI. Remittance of BCTT: The tax collected by the branch is to be remitted to the credit of Central Govt. by the
4 -4- Accordingly, BCTT is to be remitted for the Bank as a whole by 15 th of the subsequent month at HO level every month along with monthly statement in the prescribed Form No.2. Hence, all the branches are advised to send the date on BCTT collection of every month by 5 th of the subsequent month, to their respective AOs along with the Returns prescribed by electronic media/soft copy wherever possible. Annexure-2 is prescribed for the branch ie to submit the data to AOs and Annexure- 3 for AOs to report the consolidated data to HO, Accounts Department every month. BCTT Payable account shall be continued at the branches without set off as BCTT will be remitted at HO level by passing consolidated entry to BCTT Payable Account. Modalities are being worked out to set off the BCTT Payable A/c at the branches whereby Branches will issue Cr.IBAs to respective ROs on quarterly basis beginning from Branches are advised to report the BCTT collected during a particular month only to the respective AOs for consolidation and further report to HO, Accounts Department for the purpose of remittance. It is prescribed that delay in remittance of BCTT beyond due date attracts interest at 12% p.a.. VII Interest on delayed remittance: It is prescribed that delay in remittance of BCTT to the credit of Central Govt. beyond the specified period (15 th of subsequent month) shall attract simple 1% of such tax for every month or part of a month, by which crediting of the tax has been delayed. Hence, it is reiterated that BCTT collected during a month is correctly reported in Annexure-2 and sent to respective Regional Offices by 5 th of the subsequent month without fail VIII Maintenance of Records: Every Branch shall keep and maintain in Form No.1 (as per Annexure-1), the particulars of taxable banking transactions entered into in that branch. Form No.1 is to be maintained invariably by all the branches on day to day basis. It is provided that in the case of transactions involving individuals and HUF covered under Code 01 and 02, only Account Number may be furnished in Column No.2. Name and address of the person is not required to be reported in column No.3 of Form No.1. Similarly, for receipt of cash on encashment of term deposits on maturity or otherwise as per Code 03 and Code 04 of Form No.1, Account Number need not be furnished as per BCTT Rules, Value of Taxable Transactions is to be recorded quantum wise to facilitate submission of monthly Return in Annexure-2.
5 recorded on a daily basis as per Column No.7 and 8 of Form No.1. Hence, igt shall be noted that the data on such type of transactions which are of the nature specified against Codes 01, 02, 03 and 04 and where the value do not exceed 25,000/- / 1.00 lac only is required to be reported. In other words, cash transactions in SB A/c s and other type of transactions (if any) not covered under BCTT are not required to be recorded in Form No.1. It is enough if only day end number of transactions with value thereof need to be recorded under Column No.7 and 8 of Form No.1 (Annexure 1). Branches shall take steps to maintain the records as per Annexure 1 (Form No.1) IX. Furnishing of prescribed Return: It is prescribed that the Bank would be responsible for collection of BCTT and for filing the Returns. The Return is to be filed within the prescribed time, after the end of the F.Y in respect of all taxable Banking transactions entered into during such F.Y. To enable the Head Office to submit the return in time to the Tax authorities branches shall Submit the prescribed statements accurately to respective Regional Offices. The Regional Offices in turn consolidate the data and submit to Head Office not later than 10 th of succeeding month. IX-1. Monthly Reporting - furnishing of Statements by the Branches on number of taxable banking transactions entered into and banking cash transaction tax collected during a month. 1.1 Annexure-2 is prescribed for the branches to facilitate filling up Form No.2 at HO level. Hence the branches are advised to send the duly filled in Annexure-2 on a monthly basis to the respective Regional Offices by 5 th of the subsequent month. It is prescribed therein to report the number and value of taxable banking transactions taken place during a particular month. 1.2 Backup schedules codewise - 01, 02, 03, 04 is prescribed for the branches to maintain the record on a daily basis for reporting the data on a monthly basis. 1.3 The amount of BCTT collected during the month as per BCTT Payable Account be reported under Column 16. It shall be noted that BCTT Payable Account will reflect cumulative balance for a period, till it is transferred for the purpose of set off. 1.4 The number of cash transactions not liable to BCTT entered during the month only is required to be reported under column 17. This number is the sum total of all transactions as per column 7 of Form No.1 taken place under 4 categories as per code 01, 02, 03 and 04 of Form 1/Annexure-1). For further clarifications the notes given in Form No.1 and Annexure 2 may be referred. A row for non taxable transactions with xxxx mark is specifically provided in Annexure 2 & 3 with an intention top remind the branches/ros to provide the data at Column 17. Contd 6
6 Circular No BC-ACCTS.Date: BSR Code of the Branch is also to be quoted in the monthly Return, without fail. 1.6 Transactions of the Extension Counter have to be clubbed with Base Branch Return for the purpose of monthly reporting in Annexure All the branches have to send the monthly Statements without fail even if the statement is nil as far as BCTT is concerned. There may be transactions which may have to be reported under Column 17 of the monthly Return in Annexure-2 in respect of number of transactions not liable to BCTT. IX-2 Annual return - Form No.3: 2.1 Rule 6(1) of the BCTT Rules 2005 has prescribed that each Bank at HO level has to furnish Annual Return in Form No.3 on taxable banking transactions u/s 98(1) of the Act. 5.2 The Return in Form No.3 on taxable transactions entered during a financial year is to be furnished to the Income Tax Authorities by 31 st July, immediately following the Financial Year. 5.3 Branch wise / month wise data is required to be furnished in Schedule A and B of Form 3 by the Bank at the time of filing the Return. To facilitate the compilation of the data, we have appropriately modified the monthly Return as per Annexure-2 for submission by all the branches to the respective ROs as mentioned in earlier paras. 5.4 AOs shall furnish the branchwise monthly Return in Annexure-3 by 8 th of the next month through electronic media without fail, to enable HO to remit the BCTT within the due dates. 5.5 BCTT has been introduced by the Govt. with an intention to monitor/keep tract on high value cash transactions. Accordingly, Returns have been prescribed on a monthly basis with necessary details. It is possible that at times the Tax Authorities may inspect the Branch records to keep track on cash transactions, for which, required records are to be kept up to-date. 5.6 Branches/Offices are once again advised to adhere to the time schedules strictly to comply with Statutory obligations. X. Penalty (in addition to payments of tax and interest) : X.1 Failure to collect whole or any part of BCTT shall attract penalty of a sum equal to the amount of BCTT.
7 -7- X.2 Failure to deposit the tax with the Govt. after collecting the tax shall attract penalty of 1,000/- per day during which the default continues (not to exceed the amount of BCTT). X.3 Failure to submit the Return within the time shall attract penalty of 100/- for each day of default. X.4 No penalty will be imposed if the Bank (assessee) proves that there was reasonable cause for the said failure and no order imposing a penalty is to be made by the Assessing Officer unless the assessee has been given a reasonable opportunity of being heard. Clarifications required, if any, to this circular may be sought from HO, Accounts Dept. (M.OBULESU) CHAIRMAN
8 I. BCTT shall not be collected for the following accounts : 1. SB 2. C A/c s of Individuals, HUFs including proprietary firms whose aggregate cash transaction of the day does not exceed 25,000/-. 3. All Govt. accounts 4. C A/cs of corporates, Regd. Firms not covered under point (2) above, where aggregate cash transaction does not exceeds 1 lakh. 5. All Transactions by transfer entries 6. Withdrawal of ash in excess of limits prescribed, from accounts other than SB Account by all types of Financial Institutions including Bank, Grameena Banks, Co-op. Banks, Credit Societies, other Co-op and Educational Institutions are NOT subjected to BCTT. II. Drawal of statement : Branches shall submit their statements to Regional Office by 5 th of succeeding month and Regional Offices shall submit consolidated statement To Head Office, Accounts Dept. by 10 th positively. III. Records to be maintained by Branches : 1.Form No. I in a book form containing BCTT collected as detailed in Back-up Schedule (Annexure-2). a) Branches shall fill Col.No.2 ie. A/c No. only for all transaction and address need not be written under Col.No.3. b) A/c No. and address shall be shown where the amount is drawn in Cash under Term Deposits exceeding 25,000/- ( i.e., Col.No.2 & 3 shall be filled in) c) Under Col. No 7 & 8 aggregate No. of transactions of the day and their values should be shown. Pertaining to transactions collected by BCTT but not collected i.e., transactions of less than 25,000/- or 1,00,000/- as the case may be. Transactions pertaining to SB which is not attracted by BCTT shall not be clubbed in this. 2) The above register shall be maintained at branch level on daily basis and consolidated totals of the month shall be arrived at and incorporated in the monthly statement submitted to AO in Annexure-2. Branches are advised to incorporate one additional column in Annexure-2 under No.18 and show the aggregate value therein. 3) AO shall consolidate these Annexure-2 statements received from branches and send to HO, branch-wise in soft and hard copies in Annexure-3. AO shall incorporate one additional column under No.21 and fill in the same with aggregate value of the transaction not liable for BCTT.
9 Annexure to Circular No BC-ACCTS.Date: ANNEXURE - 1 FORM NO. 1 (See SUB-RULE(1) OF THE RULES 3 OF Banking Cash Transaction Tax Rules, 2005) PARTICULARS OF TAXABLE BRANKING TRANSACTIONS TO BE MAINTAINED BY THE BRANCHES OF SCHEDULED BANK 1. NAME OF THE BANK : ANDHRA PRAGATHI GRAMEENA BANK 2. ADDRESS OF THE BRANCH : BRANCH 3. BSR CODE OF THE BRANCH : Date A/C No. Name & Address of the person Taxable BCTT code* VALUE LOF TAXABLE BANKING TRANSACTIONS Blow Lac to 1 Crore Above 1 Crore BCTT 0.1% Of Col Nos. 5A to 5F No of transactions not liable to BCTT entered during the day A 5B 5C 5D 5E 5F 6 Total Value Total No. of transactions Total value of transactions for the month (5a to 5f) Total no. of transactions pertaining to 5a to 5f Total amount of bctt collected during the month Manager ( Branch Head)
10 Annexure to Circular No BC-ACCTS.Date: *CODES IN RESPECT OF TAXABLE BANKING TRANSACTION Sl.NO. NATURE OF TRANSACTION CODE 1 Withdrawal of cash (by whatever mode) exceeding twenty five thousand rupees on any single day from an account (other than a savings bank account) maintained by any individual or Hindu Undivided Family with any scheduled bank Withdrawal of cash (by whatever mode) exceeding one lakh rupees on any single day from an account (other than a savings bank account) maintained by a person other than any individual of Hindu Undivided Family with any scheduled bank Receipt of cash exceeding twenty five thousand rupees from any scheduled bank on any single day on Encashment of one or more term deposits, whether on maturity or otherwise, in case such term deposit or deposits are in the name of any individual or Hindu un divided family Receipt of cash exceeding one lakh rupees from any scheduled bank on any single day on encashment of one or more term deposits, whether on maturity or otherwise, in case such term deposit or deposits are in the name of a person other than any individual or Hindu undivided family. 04 Notes: 1. In respect of transactions with code 01 & 02, name and address of person need not be recorded and in respect of transactions with code 03 & 04, entry in column 2 shall be nil. 2. Multi-transactions of withdrawal of cash from an account or receipt of cash on encashment of term deposit or deposits in the name of same person, on any single day be treated as one transaction. 3. In column 7, fill the number of transactions entered during the day, which are of the nature specified in codes 01, 02, 03 and 04 respectively but whose value do not exceed 25,000/- or Rs/1,00,000/-. 4. In column 8, please fill the daily aggregate of the value of transactions mentioned in column Monthly total of columns 5A, 5B, 5C, 5D, 5E, 6, 7 & 8 be also drawn.
11 Annexure to Circular No BC-ACCTS.Date: BACKUP SCHEDULE FOR PREPARING MONTHLY RETURN IN ANNEXURE 2 BACKUP SCHEDULE 01/ 02/ 03/ 04 (To be maintained separately for each BCTT code i.e. 01, 02, 03 & 04) FOR THE MONTH OF NO. & VALUE OF TAXABLE BANKING TRANSACTIONS DURING THE MONTH Below lac 1Crore Above Total for the Day DATE 1 Crore Value Nos. Value Nos. Value Nos. Nos. Nos. Value Nos. Value Nos Value Nos BCTT Collected for the day Manager ( Branch Head)
12 Annexure to Circular No BC-ACCTS.Date: ANNEXURE 3 BANKING CASH TRANSACTION GTAX MONTHLY RETURN TO BE SUBMITTED BY REGIONAL OFFICE TO HEAD OFFICE NAME OF THE REGION : RETURN FOR THE MONTH Particulars of the Branch Branch Address BSR of the code Branch with Pin code Telepho ne No.. BCTT Code No. & Value of Taxable Banking Transactions During the Month Below lacs Above 1Crore 1Crore Grand Total 5A 5B 5C 5D 5E 5F Nos. Value Nos. Value Nos. Value Nos. Value Nos. Value Nos. Value Nos. Value BCTT Collected during the month Non Taxable ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** *** ***** ***** ** Branch Total Non Taxable ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** ***** *** ***** ***** ** Branch Total Grand Total Regional Manager Notes 1. The details of no. value of transactions and the tax collected of each branch should be given BCTT code wise (i.e. 01, 02, 03 & 04) 2. Mention the no. of transactions under each category under column 5,7,9,11,13 & 15. Mention the total of these columns under column Mention the total value of transactions under each category under column 6,8,10,12,14,16. Mention the total of these columns under column The branch wise total of all the transactions should tally with the returns sent by the branches. No. of transactions not liable to BCTT entered during the month
13 Annexure to Circular No BC-ACCTS.Date: ANNEXURE 2 BANKING CASH TRANSACTION TAX MONTHLY RETURN TO BE SUBMITTED BY BRANCHES TO THE AREA OFFICE BRANCH NAME : BRANCH CODE : TELEPHONE NO.: BSR CODE: RETURN FOR THE MONTH BCTT code NO. & VALUE OF TAXABLE BANKING TRANSACTIONS DURING THE MONTH Grand Total BCTT Below 5 5A B C D 50 lac. 1 Crore 5E Above 1 Crore 5F Value Collected during the month Nos. Value Nos. Value Nos. Value Nos. Value Nos. Value Nos. Value Nos Non Taxable **** ***** ***** ***** **** ***** ***** ***** **** **** **** ***** **** ***** ***** TOTAL No. of transactions not liable to BCTT entered during the month Branch Manager 1. The details of no., value of transactions and the tax collected of each branch should be given BCTT code wise (i.e., 01, 02, 03 & 04) 2. Mention the no. of transactions under each category under column 2,4,6,8,10 & 12. Mention the total of these columns under column Mention the total value of transactions under each category under column 3,5,7,9,11 & 13. Mention the total of these columns under column The branch wise total of all the transactions should tally with the returns sent by the branches.
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