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. Withdraw Cash from any ATM Free of charge Thinking of changing your Bank because the ATM of that...
  2. Income Tax for non-cash gifts effective from October 1, 2009 Introduction You have to pay the tax for the...
  3. Restriction on free ATM usage!!! RBI has announced that from April 1, 2009 onwads...
  4. ICICI Bank reduces lending and deposit rates with effect from April 24, 2009 ICICI Bank Ltd has announced a reduction of 0.50% in...
  5. Perquisites will be taxed from 1st April, 2009 It is hard time for the salaried people. Income...

LEAVE A COMMENT

Subscribe Form

Subscribe to Blog

Free E-Mail Subscription

Investment Products

    Insurance Products - Apply Now!!!

Join our site

Categories

Savings

Best Savings Rates

Compare a wide variety of savings accounts including fixed rate, ISA’s, saving rates, building society rates and bonds. Just enter the amount you want to save and we will find the best savings rates offered by the best financial insitituions.

Debt Management

Debt Management consolidates debt in to one low affordable payment without further borrowing. If yor debt are spiralling out of control then maybe you should consider an IVA.

Credit Card Deals

Transfer your existing store or credit by using a Balance Transfer Credit Card. Find the best credit card offers and deals in the UK including prepaid and cashback and receive 0% rate on credit card balance transfers.

Archives

Finance Blogs