Apr 1 2009

No Banking Cash Transaction Tax effective April 1, 2009

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.

Related posts:

  1. Online Banking in India- Part 1
  2. Tax Planning for 2009 – Part 1
  3. ForClosure of ICICI Bank Personal Loan
  4. March 2009 Overview
  5. EPF (PF) Transfer and Form 13

1 Comments on this post

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  1. HEMANT ARUN THOMBRE said:

    ITS IS THE SITE WHICH GIVES INFORMATION

    August 25th, 2010 at 8:07 am

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