Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 ITR Filing: 6 Ways to Get Exemption on Income Tax
 Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25
 Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?
 Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?
 BackBack Income Tax Act amendment on cards on tax treatment of MSME dues
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here
 Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals

Govt abolishes banking transaction tax
April, 01st 2009

Taxpayers will not have to pay levy on withdrawal of cash from banks with the government withdrawing the Banking Cash Transaction Tax (BCTT) from Wednesday.

The government had introduced 0.1 per cent BCCT in 2005 on cash withdrawals of more than Rs 50,000 (individuals) and Rs 1,00,000 for others in a single day from non-savings bank account maintained with any scheduled bank.

The tax has been withdrawn from April 1 following an announcement made by the then Finance Minister P Chidambaram in his budget speech for 2008-09, sources said.

In his Budget speech, Chidamabram had said, "The BCTT has served a very useful purpose in enlarging the information system of the Income Tax Department. Since the information is also being gathered through other instruments introduced in the last few years, I propose to withdraw this tax with effect from April 1, 2009."

The levy was introduced in 2005 to track unaccounted money and trace its source and destination.

Though BCTT was not introduced with the intention of revenue generation, the levy, as per the revised estimates, contributed to the exchequer Rs 600 crore during 2008-09. The BCCT collection was Rs 550 crore for 2007-08.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting