Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: VAT RATES :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: list of goods taxed at 4%
 
 
News Headlines »
 Income tax returns (ITR) filing guide: 10 excellent tax-saving options other than Section 80C to save money
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing

FM to review tax on cash withdrawals
February, 18th 2008

The government is likely to review the controversial Banking Cash Transaction Tax (BCTT), primarily designed to track black money, and even possibly scrap it in the budget.

Sources said BCTT, under which cash withdrawals above Rs 50,000 by an individual or firm from the savings account of a bank are taxed at 0.1%, could be reviewed as growth rate of cash withdrawals from banks have declined and there is possibility of expansion of transactions under annual information report (AIR) filings.

"As other instruments become more effective, I think it would be possible to review BCTT next year," finance minister P Chidambaram had said while presenting last years budget. BCTT was introduced in June 2005.

Industry chambers have asked the finance minister to withdraw this tax in view of the fact that all high value transactions have now to be supported by the Permanent Account Number for the purpose of identification.

Apart from collection of vast information about transactions through AIRs, the income tax department is also collecting information from banks on suspected transactions under the Prevention of Money Laundering Act.

Sources said an alternative before the finance minister could be to bring high cash withdrawals, say above Rs 50,000 under the purview of AIRs. The minister had earlier said that transactions under the AIRs would be expanded at an appropriate time.

Meanwhile, opposing any move to withdraw BCTT, the income tax department argued since it is scrutinising only 1-1.5% of over three crore tax returns filed annually besides about 350 investigations and around 10,000 surveys, the BCTT should be retained to track black money.

Till January 31, revenue collections from the BCTT touched Rs 460 crore, compared to Rs 401 crore a year ago, registering a growth of 14.5%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions