Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: TDS :: cpt :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit
 
 
News Headlines »
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj

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