Effective 01Jun05, a banking cash transaction tax will be charged @ 0.1% on every transaction on any single day being withdrawal of cash from an account (other than savings account) or being receipt of cash on any single day on encashment of one or more term deposits.
Tax was levies at 0.1% on cash withdrawal of more than Rs50,000 for individuals and HUFs and Rs1,00,000 for others in a single day from non-savings bank account.
Finance Minister P Chidambaram on 29 February,2008 proposed to withdraw the Banking Cash Transaction Tax, which provided for a 0.1% levy on certain cash withdrawals from banks.
In the budget proposals announced for the fiscal year 2008-09, he said that no BCTT would be charged in respect of any taxable banking transaction after 31 March 2009.
August 25, 2010 at 8:07 am
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