Banking Cash Transaction Tax

Section - 102 - Penalty for failure to collect or pay banking cash transaction tax

Penalty for failure to collect or pay banking cash transaction tax.

102. 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) -.... To read the full section download the app from Google Play store